Note 3 - Recently Issued Accounting Standards

9 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE

3.

RECENTLY ISSUED ACCOUNTING STANDARDS

New Accounting Standards

Not

Yet Adopted

     In

December 2019,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2019

-

12,

Income Taxes (Topic

740

)—Simplifying the Accounting for Income Taxes

. ASU 

2019

-

12

is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic

740

and amends existing guidance to improve consistent application. ASU

2019

-

12

is effective for fiscal years beginning after

December 15, 2020

and interim periods within those fiscal years, which is fiscal

2022

for us, with early adoption permitted. We do

not

expect adoption of the new guidance to have a significant impact on our financial statements.

     In

June 2016,

the FASB issued ASU

No.

 

2016

-

13,

Financial Instruments—Credit Losses (Topic

326

), Measurement of Credit Losses on Financial Statements

. ASU 

2016

-

13

requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In

November 

2018

the FASB issued ASU

No.

 

2018

-

19,

Codification Improvements to Topic 

326,

Financial Instruments—Credit Losses

, which clarifies codification and corrects unintended application of the guidance, and in

November 2019,

the FASB issued ASU

No.

 

2019

-

11,

Codification Improvements to Topic

326,

Financial Instruments-Credit Losses

, which clarifies or addresses specific issues about certain aspects of ASU 

2016

-

13.

In

November 

2019

the FASB issued ASU

No.

 

2019

-

10,

Financial Instruments—Credit Losses (Topic 

326

), Derivatives and Hedging (Topic

815

), and Leases (Topic 

842

): Effective Dates

, and in

February 2020

the FASB issued ASU

No.

 

2020

-

02,

Financial Instruments—Credit Losses (Topic 

326

) and Leases (Topic

842

): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin

No.

 

119

and Update to SEC Section on Effective Date Related to Accounting Standards Update

No.

 

2016

-

02,

Leases (Topic 

842

)

, both of which delay the effective date of ASU 

2016

-

13

by

three

years for certain Smaller Reporting Companies such as us. We were unaffected by the change in the effective date of the ASU related to Leases (Topic 

842

) because we have already adopted that ASU. In

March 

2020,

the FASB issued ASU

No.

 

2020

-

03,

Codification Improvements to Financial Instruments

; which modifies the measurement of expected credit losses of certain financial instruments. In accordance with ASU 

2019

-

10

and ASU 

2020

-

02,

ASU 

2016

-

13

is effective for certain Smaller Reporting Companies for financial statements issued for fiscal years beginning after

December 

15,

2022

and interim periods within those fiscal years, which will be fiscal

2024

for us if we continue to be classified as a Smaller Reporting Company, with early adoption permitted. We do

not

expect adoption of the new guidance to have a significant impact on our financial statements.