Note 14 - Recently Issued Accounting Pronouncements	3 Months Ended
Sep. 05, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1 4. Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted during Fiscal Year 2018 In March 2016, the FASB issued ASU 2016 - 09, Compensation - Stock Compensation (Topic 718 ): Improvements to Employee Share-Based Payment Accounting (“ASU 2016 - 09” ), which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016 - 09 is effective for annual periods beginning after December 15, 2016, and interim periods therein (our fiscal year 2018 ). The implementation of ASU 2016 - 09 during the first quarter of fiscal year 2018 did not have a material impact on our Condensed Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted In August 2016, the FASB issued ASU 2016 - 15, Statement of Cash Flows (Topic 230 ): Classification of Certain Cash Receipts and Payments (“ASU 2016 - 15” ), which provides clarification regarding how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. The guidance addresses eight specific cash flow issues with the objective to reduce diversity in practice of how certain transactions are classified within the statement of cash flows. ASU 2016 - 15 is effective for annual periods beginning after December 15, 2017, and interim periods therein (our fiscal year 2019 ). Early application is permitted. We do not believe the adoption of this guidance will have a material impact on our Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016 - 02, Leases (Topic 842 ) (“ASU 2016 - 02” ), which requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. ASU 2016 - 02 is effective for annual periods beginning after December 15, 2018, and interim periods therein (our fiscal year 2020 ). Early application is permitted. We are currently evaluating the impact of this guidance on our Condensed Consolidated Financial Statements. In May 2014, the FASB and International Accounting Standards Board jointly issued ASU 2014 - 09, Revenue from Contracts with Customers (Topic 606 ) ("ASU 2014 - 09" ) . ASU 2014 - 09 will replace almost all existing revenue recognition guidance, including industry specific guidance, upon its effective date. The standard's core principle is for a company to recognize revenue when it transfers goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled. A company may also need to use more judgment and make more estimates when recognizing revenue, which could result in additional disclosures. ASU 2014 - 09 also provides guidance for transactions that were not addressed comprehensively in previous guidance, such as the recognition of breakage income from the sale of gift cards. The standard permits the use of either the retrospective or cumulative effect transition method. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 ( our fiscal year 2019 ), with early application permitted in the first quarter of 2017. We do not expect the adoption of this guidance to impact our recognition of Company-owned restaurants sales and operating revenue or our recognition of continuing fees from franchisees, which are based on a percentage of franchise sales. We have not yet selected a transition method and are continuing to evaluate the impact of this guidance on our less significant revenue transactions, such as initial franchise license fees. Additionally, in March and April 2016, the FASB issued the following amendments to ASU 2014 - 09 to clarify the implementation guidance: ASU 2016 - 08, Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) and ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 ): Identifying Performance Obligations and Licensing . Under the new guidance, gift card breakage income will be presented within revenues and will be required to be recognized proportionately as redemptions occur. We currently present breakage income as a reduction to expenses and recognize breakage under the remote method, which results in deferral of recognition for two years subsequent to the date of sale. The timing of transition of this guidance is consistent with the new revenue recognition standard as discussed above. We expect to implement the provisions of ASU 2014 - 09 and the related amendments in the same period.

Recently Issued Accounting Pronouncements

Accounting Pronouncements Adopted during Fiscal Year

2018

March

2016,

the FASB issued ASU

2016

09,

Compensation - Stock Compensation (Topic

718

): Improvements to Employee Share-Based Payment Accounting

(“ASU

2016

09”

), which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU

2016

is effective for annual periods beginning after

December 15, 2016,

and interim periods therein (our fiscal year

2018

). The implementation of ASU

2016

during the

first

quarter of fiscal year

2018

did

not

have a material impact on our Condensed Consolidated Financial Statements.

Accounting Pronouncements

Not

Yet Adopted

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Payments

(“ASU

2016

15”

), which provides clarification regarding how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. The guidance addresses

eight

specific cash flow issues with the objective to reduce diversity in practice of how certain transactions are classified within the statement of cash flows. ASU

2016

is effective for annual periods beginning after

December 15, 2017,

and interim periods therein (our fiscal year

2019

). Early application is permitted. We do

not

believe the adoption of this guidance will have a material impact on our Condensed Consolidated Financial Statements.

February 2016,

the FASB issued ASU

2016

02,

Leases (Topic

842

)

(“ASU

2016

02”

), which requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than

months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities

may

elect to apply. ASU

2016

is effective for annual periods beginning after

December 15, 2018,

and interim periods therein (our fiscal year

2020

). Early application is permitted. We are currently evaluating the impact of this guidance on our Condensed Consolidated Financial Statements.

May 2014,

the FASB and International Accounting Standards Board jointly issued ASU

2014

09,

Revenue from Contracts with Customers (Topic

606

)

("ASU

2014

09"

)

ASU

2014

will replace almost all existing revenue recognition guidance, including industry specific guidance, upon its effective date. The standard's core principle is for a company to recognize revenue when it transfers goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled. A company

may

also need to use more judgment and make more estimates when recognizing revenue, which could result in additional disclosures. ASU

2014

also provides guidance for transactions that were

not

addressed comprehensively in previous guidance, such as the recognition of breakage income from the sale of gift cards. The standard permits the use of either the retrospective or cumulative effect transition method. The guidance is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2017 (

our fiscal year

2019

), with early application permitted in the

first

quarter of

2017.

We do

not

expect the adoption of this guidance to impact our recognition of Company-owned restaurants sales and operating revenue or our recognition of continuing fees from franchisees, which are based on a percentage of franchise sales. We have

not

yet selected a transition method and are continuing to evaluate the impact of this guidance on our less significant revenue transactions, such as initial franchise license fees.

Additionally, in

March

and

April 2016,

the FASB issued the following amendments to ASU

2014

to clarify the implementation guidance: ASU

2016

08,

Revenue from Contracts with Customers (Topic

606

): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)

and ASU

2016

10,

Revenue from Contracts with Customers (Topic

606

): Identifying Performance Obligations and Licensing

. Under the new guidance, gift card breakage income will be presented within revenues and will be required to be recognized proportionately as redemptions occur. We currently present breakage income as a reduction to expenses and recognize breakage under the remote method, which results in deferral of recognition for

two

years subsequent to the date of sale. The timing of transition of this guidance is consistent with the new revenue recognition standard as discussed above. We expect to implement the provisions of ASU

2014

and the related amendments in the same period.