Note K - Recently Issued Accounting Pronouncements

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

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

NOTE K – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes, and providing for simplification in several other areas.  The standard became effective for fiscal years beginning after December 15, 2020.  The adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements.