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Note 2 - Recent Accounting Pronouncements
3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
NOTE
2
– RECENT ACCOUNTING PRONOUNCEMENTS
 
Recent accounting guidance not yet adopted
 
In
May
2014,
the FASB issued ASU
2014
-
09
to clarify the principles for recognizing revenue and to develop a common revenue standard that will remove inconsistencies and weaknesses in revenue requirements, provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, provide more useful information to users of financial statements through improved disclosure requirements, and simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. In
August
2015,
the FASB issued ASU
2015
-
14
as an update of ASU
2014
-
09.
The purpose is to allow more time to implement the guidance in Update
2014
-
09.
This Update defers the effective date of Update
2014
-
09
to annual reporting periods beginning after
December
15,
2017.
The Company is still evaluating the impact on the condensed consolidated financial statements.
 
In
February
2016,
the FASB issued ASU
2016
-
02
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. For related party leases, the basis will be the legally enforceable terms and conditions of the arrangement. This standard is effective for fiscal years beginning after
December
15,
2018.
The Company is evaluating the impact it
may
have on its condensed consolidated financial statements.
 
In
August
2016,
the FASB issued ASU
2016
-
15
to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This standard is effective for fiscal years beginning after
December
15,
2017,
and is not expected to materially impact our condensed consolidated financial statements.
 
In
October
2016,
the FASB issued ASU
2016
-
16
to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This standard is effective for fiscal years beginning after
December
15,
2017,
and is not expected to materially impact our consolidated financial statements.
 
In
January
2017,
the FASB issued ASU
2017
-
01
clarifying the definition of a business and adding guidance to evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. This standard is effective for fiscal years beginning after
December
15,
2017,
and is not expected to materially impact our consolidated financial statements.