Note 19 - Recent Accounting Pronouncements

12 Months Ended

Mar. 31, 2021

Notes to Financial Statements

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

19.

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

. The amendments in ASU

2016

-

13

will provide more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The ASU is effective for annual reporting periods beginning after

December 15, 2019,

including interim periods within that year.  Following the release of ASU

2019

-

10

in

November 2019,

the new effective date, as long as the Company remains a smaller reporting company, would be annual reporting periods beginning after

December 15, 2022.  

The Company is currently evaluating the impact, if any, the adoption of ASU

2016

-

13

may

have on its consolidated financial statements.

In

August 2018,

the FASB issued ASU

2018

-

13,

Fair Value Measurement (Topic

820

): Changes to the Disclosure Requirements for Fair Value Measurement

. The amendments in ASU

2018

-

13

provide for increased effectiveness of the disclosures made around fair value measurements while including consideration for costs and benefits. The ASU is effective for annual reporting periods beginning after

December 15, 2019,

including interim periods within those periods.  

As of

April 1, 2020,

the Company has adopted ASU

2018

-

13

and noted

no

material impact on its consolidated financial statements.

In

December 2019,

the FASB issued ASU

2019

-

12,

Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes

. The amendments in ASU

2019

-

12

provide for simplified accounting to several income tax situations and removal of certain accounting exceptions. The ASU is effective for annual reporting periods beginning after

December 15, 2020,

including interim periods within those periods. The Company does

not

expect the impact of the adoption of ASU

2019

-

12

to be material to its consolidated financial statements.