Recently Issued Accounting Standards

3 Months Ended

Mar. 31, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

New Accounting Pronouncements And Changes In Accounting Principles [Text Block]

Note 3 – Recently Issued Accounting Standards

Recently Issued Accounting Standards Adopted

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

ASU 2019-12

, Income Taxes

(Topic 740): Simplifying the Accounting for Income Taxes

 in December 2019 to simplify the accounting for income taxes. The

guidance within this accounting standard update removes certain exceptions, including the exception to the incremental approach for

certain intra-period tax allocations, to the requirement to recognize or not recognize certain deferred tax liabilities for equity method

investments and foreign subsidiaries, and to the general methodology for calculating income taxes in an interim period when a year-to-

date loss exceeds the anticipated loss for the year. Further, the guidance simplifies the accounting related to franchise taxes, the step

up in tax basis for goodwill, current and deferred tax expense, and codification improvements for income taxes related to employee

stock ownership plans. The guidance is effective for annual and interim periods beginning after December 15, 2020. The Company

adopted this standard on a prospective basis, effective January 1, 2021. There was no cumulative effect of adoption recorded within

retained earnings on January 1, 2021.

The FASB issued ASU 2020-04,

Reference Rate Reform (To pic 848): Facilitation of the Effects of Reference Rate Reform on

Financial Reporting

 in March 2020. The FASB subsequently issued ASU 2021-01,

Reference Rate Reform (Topic 848): Scope

 in

January 2021 which clarified the guidance but did not materially change the guidance or its applicability to the Company. The

amendments provide temporary optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedging

relationships and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away

from reference rates that are expected to be discontinued, including the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is

effective for the Company as of March 12, 2020 and generally can be applied through December 31, 2022. As of March 31, 2021, the

expedients provided in ASU 2020-04 do not presently impact the Company; however, the Company will continue to monitor for

potential impacts on its consolidated financial statements.