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Note B - New Accounting Standards
 9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
NOTE B — NEW ACCOUNTING STANDARDS
 
In
August
2016,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No.
2016
-
15,
Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU
2016
-
15”).
ASU
2016
-
15
eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on
eight
specific cash flow issues. This new guidance is effective for fiscal years beginning after
December
15,
2017,
and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU
2016
-
15
will have on its consolidated financial statements but does not expect a material impact.
 
In
March
2016,
the FASB issued Accounting Standards Update No.
2016
-
09,
Compensation – Stock Compensation (“ASU
2016
-
09”).
ASU
2016
-
09
simplifies the accounting and reporting of certain aspects of share-based payment transactions, including income tax requirements, forfeitures and presentation on the balance sheet and statement of cash flows. This new guidance is effective for annual and interim periods beginning after
December
15,
2016.
Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU
2016
-
09
will have on its consolidated financial statements.
 
In
February
 
2016,
the FASB issued Accounting Standards Update No.
2016
-
02,
Leases (“ASU
2016
-
02”).
ASU
2016
-
02
establishes a new lease accounting standard that requires lessees to recognize a right of use asset and related lease liability for most leases having lease terms of more than
12
months.  Leases with a term of
12
months or less will be accounted for similar to existing guidance for operating leases.  This new guidance is effective for annual and interim periods beginning after
December
 
15,
2018,
but can be early adopted.  The Company is evaluating the impact that adoption of the provisions of ASU
2016
-
02
will have on its consolidated financial statements but does not expect a material impact.
 
In
May
2014,
the FASB issued Accounting Standards Update No.
2014
-
09,
Revenue from Contracts with Customers (“ASU
2014
-
09”).
ASU
2014
-
09
states that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The update supersedes most current revenue recognition guidance, including industry-specific guidance. ASU
2014
-
09
is effective for interim and annual periods beginning after
December
15,
2016;
early application is not permitted. In
August
2015,
the FASB issued Accounting Standards Update No.
2015
-
14,
Revenue from Contracts with Customers - Deferral of the Effective Date (“ASU
2015
-
14”).
ASU
2015
-
14
defers the effective date of ASU
2014
-
09
to annual reporting periods beginning after
December
15,
2017,
including interim reporting periods within that reporting period, and only permits entities to adopt the standard
one
year earlier as of annual reporting periods beginning after
December
15,
2016,
including interim reporting periods within that reporting period. The Company is evaluating the impact that adoption of the provisions of ASU
2014
-
09
will have on its consolidated financial statements but does not expect a material impact.