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Note 13 - Recently Issued Accounting Pronouncements
 3 Months Ended
Feb. 28, 2018
Notes to Financial Statements  
Description of New Accounting Pronouncements Not yet Adopted [Text Block]
 
13
)
Recently Issued Accounting Pronouncements
 
Accounting Pronouncements
Not
Yet Adopted
 
Revenue from Contracts with Customers
 
In
May 2014,
t
he FASB issued ASU
No.
2014
-
09,
“Revenue from Contracts with Customers” which supersedes the guidance in “Revenue Recognition (Topic
605
)” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU
2014
-
09
is effective for annual reporting periods beginning after
December 15, 2017,
including interim periods within that reporting period, and is to be applied retrospectively, with early application
not
permitted. The Company is evaluating the new standard, and at this time believes that its Scientific segment will be impacted most significantly by this standard. The Company believes that this segment will need to work to revise its standard contracts with customers to more clearly define the rights and considerations transferred at the various milestones identified in the contracts. The Company believes that the other segments already have the necessary tools to evaluate their revenues in a manner consistent with the application of this standard, and will have the ability to meet the disclosure requirements using current systems. The Company continues to research and assess the implications of the adoption of this standard on its consolidated financial statements.
 
Leases
 
In
February 2016,
the FAS
B issued ASU
2016
-
02,
“Leases (Topic
842
)”, which requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of
twelve
months or greater. This guidance is effective for fiscal years beginning after
December 15, 2018,
including interim periods within those years. The Company will adopt this guidance for the year ending
November 30, 2020
including interim periods within that reporting period. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.