Note 5 - Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

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

5. 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

requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU

2016

-

13

is effective for public companies for the annual periods, including interim periods within those annual periods, beginning after

December 15, 2019.

This guidance was applicable to the Company's fiscal year beginning

January 1, 2020.

Adoption of the new standard did

not

have a material impact on our consolidated financial statements.

In

December 2019,

the FASB issued ASU

No.

2019

-

12,

Income Taxes (Topic

740

): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU

2019

-

12

removes certain exceptions to the general principles in Topic

740

and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2020,

with early adoption permitted. Adoption of the new standard did

not

have a material impact on our consolidated financial statements.

Management periodically reviews new accounting standards that are issued. Management has

not

identified any other new standards that it believes merit further discussion at this time.