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Note 13 - Accounting Pronouncements
 9 Months Ended
Nov. 27, 2016
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
13
.    
ACCOUNTING PRONOUNCEMENTS
 
Recently Issued
 
 
In
November
2016,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2016
-
18,
Statement of Cash Flows (Topic
230):
Restricted Cash
, to reduce the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The new standard is effective for fiscal years beginning after
December
15,
2017
and the interim periods within those fiscal years. The Company is currently evaluating the impact of this new guidance
may
have on its consolidated cash flows.
 
 
 
In
August
2016,
the FASB issued ASU No.
2016
-
15
, Statement of Cash Flows (Topic
230)
Classification of Certain Cash Receipts and Cash Payments,
to reduce the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows.   The new standard is effective for fiscal years beginning   after
December
15,
2017
and the interim periods within those fiscal years.   The Company is currently evaluating the impact that this new guidance
may
have on its consolidated cash flows.
 
In
February
2016,
the FASB issued ASU No.
2016
-
02,
Leases
(Topic
842),
intended to increase transparency and comparability among companies by requiring most leases to be included on the balance sheet and by expanding disclosure requirements, effective for public business entities for fiscal years beginning after
December
15,
2018,
including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. The Company is currently evaluating the impact that this new guidance
may
have on its consolidated results of operations, cash flows, financial position and disclosures.
 
 
In
April
2015,
the FASB issued ASU No.
2015
-
03,
Interest
—
Imputation of Interest (Subtopic
835
-
30):
Simplifying the Presentation of Debt Issuance Costs
, intended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation for debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. In
August
2015,
the FASB issued ASU No.
2015
-
15,
Interest
—
Imputation of Interest (Subtopic
835
-
30):
Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line - of - Credit Arrangements
—
Amendments to SEC Paragraphs Pursuant to Staff Announcements at the
June
2015
EITF Meeting
. ASU No.
2015
-
15
amends Subtopic
835
-
30
to include that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of debt issuance costs over the term of the line - of - credit arrangement, whether or not there are any outstanding borrowings on the line - of - credit arrangement. This guidance is effective for fiscal years (and interim reporting periods within fiscal years) beginning after
December
15,
2015.
This guidance did not have a material impact on the Company’s consolidated results of operations, cash flows, financial position or disclosures.
 
In
May
2014,
the FASB issued ASU No.
2014
-
09,
Revenue from Contracts with Customers
(Topic
606)
, which supersedes the revenue recognition requirements, including most industry - specific revenue recognition guidance throughout the Industry Topics of the Codification. This guidance requires that an entity recognize revenue to depict the transfer of 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, and expands the related disclosure requirements.   The new standard was originally scheduled to be effective for fiscal years beginning after
December
15,
2016,
including interim reporting periods within those fiscal years. In
August
2015,
the FASB delayed the effective date of this guidance for
one
year. With the delay, the new standard is effective for fiscal years beginning after
December
15,
2017,
and interim periods therein, with an option to adopt the standard on the originally scheduled effective date.   The Company is currently evaluating the impact that this new guidance
may
have on its consolidated results of operations, cash flows, financial position and disclosures.