Note 21 - Recently Issued Accounting Standards

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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

2 1 . RECENTLY ISSUED ACCOUNTING STANDARDS

In

February 2016,

the FASB issued ASU

2016

-

02,

“Leases (Topic

842

).” This is a comprehensive update to the lease accounting topic in the Codification intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in ASU

2016

-

02

include a revised definition of a lease as well as certain scope exceptions. The changes primarily impact lessee accounting, while lessor accounting is largely unchanged from previous GAAP. The Partnership adopted this standard as of

January 1, 2019,

using the modified retrospective approach. See Note

3

and Note

18

for disclosures related to the adoption of this standard and the impact on the Partnership’s financial position, results of operations and cash flows.

In

December 2019,

the FASB issued ASU

2019

-

12,

“Income Taxes (Topic

740

).”  The amendments in the update simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic

740.

  The amendments also improve consistent application of and simplify GAAP for other areas of Topic

740

by clarifying and amending existing guidance. The Partnership is evaluating the impact of this guidance, which will be adopted beginning with the Partnership’s quarterly report for the

three

-month period ending

March 31, 2021.