Note 14 - Recently Issued Accounting Pronouncements

9 Months Ended

Aug. 31, 2019

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

14 ) Recently Issued Accounting Pronouncements

Accounting Pronouncements

Not

Yet Adopted

Leases

In

February 2016,

the FASB 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 fiscal

2020

using the modified retrospective approach, including interim periods within that reporting period. Under the modified retrospective approach, the Company will

not

adjust prior comparative periods. The Company has a moderate amount of leasing activity mainly as the lessee of office equipment and as the lessor of modular rental buildings. The Company expects to recognize a right-of-use asset and lease liability on the balance sheet for office equipment it leases. The Company’s activity as a lessor will remain mostly unaffected by this guidance. The Company expects additional disclosures including but

not

limited to:

● Nature of its leases

● Significant assumptions and judgements used

● Information about leases that have not yet commenced

● Related-party lease transactions

● Accounting policy election regarding short-term leases

● Finance, operating, short-term and variable lease costs

● Maturity analysis of operating lease payments, lease receivables and lease obligations

● Tabular disclosure of lease-related income

● Components of the net investment in a lease

● Information on the management of risk associated with residual asset