Note 11 - Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

11. Recent Accounting Pronouncements

In

February 2016,

the FASB issued ASU

No.

 

2016

-

02,

 Leases (ASU

No.

 

2016

-

02

), which will replace the existing guidance in ASC

840,

Leases. The updated standard aims to increase transparency and comparability among organizations by requiring lessees to recognize lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. This amendment is effective for the Company in the fiscal year beginning after

December 

15,

2019,

but early adoption is permissible. When the standard becomes effective, we expect that our property, plant and equipment will increase due to the addition of assets under lease.  Lease liabilities will have a corresponding increase.  There is

not

expected to be a significant impact on the statement of operations or on the Company’s cash flows.