Note 12 - Accounting Pronouncements

9 Months Ended

Nov. 25, 2018

Notes to Financial Statements

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

1

2

.

A

CCOUNT

I

NG

P

RONOUNCEMENTS

Recently

Adopted

In

November 2016,

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

No.

2016

-

18,

Statement of Cash Flows (Topic

230

): Restricted Cash

, to reduce the diversity that exists in the classification and presentation of changes in restricted cash in the statement of cash flows.  The new standard is effective for fiscal years beginning after

December 15, 2017

and the interim periods within those fiscal years. The Company has adopted the guidance effective

February 26, 2018,

the

first

day of the

2019

fiscal year, and the adoption of this guidance did

not

impact its consolidated results of operations, cash flows, financial position or disclosures.

In

August 2016,

the FASB issued ASU

No.

2016

-

15,

Statement of Cash Flows (Topic

230

)

:

Classification of Certain Cash Receipts and Cash Payments

, to reduce the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new standard is effective for fiscal years beginning after

December 15, 2017

and the interim periods within those fiscal years. The Company has adopted the guidance effective

February 26, 2018,

the

first

day of the

2019

fiscal year, and the adoption of this guidance did

not

impact its consolidated results of operations, cash flows, financial position or disclosures.

In

January 2016,

the FASB issued ASU

No.

2016

-

01,

Financial Instruments Overall (Subtopic

825

-

10

): Recognition and Measurement of Financial Assets and Financial Liabilities,

intended to improve the recognition and measurement of financial instruments, effective for public business entities for fiscal years beginning after

December 15, 2017,

and the interim periods within those fiscal years. The Company has adopted the guidance effective

February 26, 2018,

the

first

day of the

2019

fiscal year, and the adoption of this guidance did

not

impact its consolidated results of operations, cash flows, financial position or disclosures.

In

May 2014,

the FASB issued ASC Topic

606,

Revenue from Contracts with Customers

, which supersedes the revenue recognition requirements in ASC Topic

605,

Revenue Recognition

, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. This guidance requires that an entity recognize revenue to depict the transfer of promised 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, and expands the related disclosure requirements. The new standard was originally scheduled to be effective for fiscal years beginning after

December 15, 2016,

including interim reporting periods within those fiscal years. In

August 2015,

the FASB delayed the effective date of this guidance for

one

year. With the delay, the new standard is effective for fiscal years beginning after

December 15, 2017

and interim periods within those fiscal years, with an option to adopt the standard on the originally scheduled effective date. The Company has adopted the guidance effective

February 26, 2018,

the

first

day of the

2019

fiscal year, and the adoption of this guidance did

not

impact its consolidated results of operations, cash flows, financial position or disclosures.

Recently Issued

In

February 2016,

the FASB issued ASU

No.

2016

-

02,

Leases (Topic

842

)

, intended to increase transparency and comparability among companies by requiring most leases to be included on the balance sheet and by expanding disclosure requirements, effective for public business entities for fiscal years beginning after

December 15, 2018

and interim periods within those fiscal years (

i.e

.,

January 1, 2019,

for a calendar year entity). Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently evaluating the impact that this new guidance

may

have on its consolidated results of operations, cash flows, financial position and disclosures.