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Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
 
In
June 2016,
the FASB issued ASU
2016
-
13,
Financial Instruments – Credit Losses (Topic
326
): Measurement of Credit Losses on Financial Instruments
(“ASU
2016
-
13”
). The amendments in ASU
2016
-
13
require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. In addition, ASU
2016
-
13
amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendment is effective for public entities for annual reporting periods beginning after
December 15, 2019,
however early application is permitted for reporting periods beginning after
December 15, 2018.
The Company does
not
anticipate the adoption of ASU
2016
-
13
to have a material impact to the consolidated financial statements.
 
In
February 2016,
the FASB issued its final lease accounting standard, FASB Accounting Standard Codification ("ASC"),
Leases
(Topic
842
) (“ASU
2016
-
02”
), which requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments and the right-of -use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC
840,
requiring leases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC
840
) while finance leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC
840
). Our leases as of
December 31, 2016,
principally relate to real estate leases for corporate office, showrooms and warehousing. The new standard will be effective for the
first
quarter of our fiscal year ending
December 31, 2019.
Early adoption is permitted. As of
June 30, 2018,
we do
not
have any long-term leases. We will evaluate the effect that ASU
2016
-
02
will have on our consolidated financial statements and related disclosures at such time a long-term lease is executed. The standard is to be applied under the modified retrospective method, with elective reliefs, which requires application of the new guidance for all periods presented.
 
In
January 2016,
the FASB issued ASU
2016
-
01,
Financial Instruments-Overall (Subtopic
825
-
10
): Recognition and Measurement of Financial Assets and Financial Liabilitie
s. Subsequently, the FASB issued ASU
2018
-
03,
"Technical Corrections and Improvements to Financial Instruments-Overall." ASU
2016
-
01
 requires equity investments except those under the equity method of accounting to be measured at fair value with the changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. For equity investments that do
not
have readily determinable fair values and do
not
qualify for the existing practical expedient in ASC
820
to estimate fair value using the net asset value per share of the investment, the guidance provides a new measurement alternative. Entities
may
choose to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company adopted ASU
2016
-
01
 on
January 1, 2018
and elected an accounting policy to measure its
5%
equity interest in Churchill Downs Holdings, Ltd, as described in Note
5,
under the cost method, less any impairment, plus or minus changes resulting from observable price changes. The adoption of ASU
2016
-
01
 did
not
have a material impact to the Company’s consolidated financial statements.