Note 3 - Recently Issued Accounting Standards

9 Months Ended

Dec. 31, 2016

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE

3. RECENTLY ISSUED ACCOUNTING STANDARDS

          In

May

2014,

the Financial Accounting Standards Board (FASB) issued a new standard based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance permits

two

methods of adoption: retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The new standard is effective for fiscal years beginning after

December

15,

2017,

including interim periods within that reporting period, which will be our

first

quarter of fiscal

2019.

We are currently evaluating the impact that the adoption of the standard will have on our financial statements and have not made any decision on the method of adoption.

          The FASB has issued ASUs through No.

2016

-

20

. We have reviewed each recently issued ASU, and the adoption of each ASU that is applicable to us, other than as noted above, will not have a significant impact on our financial statements.