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Note 7 - Recent Accounting Standards
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Description of New Accounting Pronouncements Not yet Adopted [Text Block]
Note
7
--
Recent Accounting Standards
 
         
               
 
Adopted in
2017
           
               
 
In
July 2015,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)
No.
2015
-
11,
Inventory (Topic
330
):  Simplifying the Measurement of Inventory,
which requires inventory within the scope of this update to be measured at the lower of its cost or net realizable value, with net realizable value being the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.  As required, the Company adopted this new standard effective
January 1, 2017. 
The Company's adoption of this standard did
not
have any impact on its consolidated financial statements and related disclosures.  
               
 
In
March 2016,
the FASB issued ASU
No.
2016
-
09,
Compensation - Stock Compensation (Topic
781
):  Improvements to Employee Share-Based Payment Accounting.
  This amendment 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 liability, forfeitures, and classification on the statement of cash flows.  As required, the Company adopted this new standard effective
January 1, 2017. 
Concurrently with the adoption of  this new standard, the Company revised its accounting policy to recognize share-based compensation costs based on actual stock option forfeitures versus previous accounting guidance which required the Company to recognize share-based compensation costs based on management's estimate of future stock option forfeitures.  The Company's adoption of this standard did
not
have any impact on its consolidated financial statements and related disclosures.  
               
 
Not
Yet Adopted
           
               
 
In
May 2014,
the FASB issued ASU
No.
2014
-
09,
Revenue from Contracts with Customers
, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The ASU will replace most existing U.S. GAAP revenue recognition guidance and will be adopted by the Company, when required, on
January 1, 2018. 
The new standard permits the use of either the retrospective or modified retrospective transition method.  The Company anticipates selecting the modified retrospective method.  The Company's primary source of revenue is from the sale of nutritional products to the Company's independent distributors whereby revenue is currently recognized when product is shipped and risk of loss has passed to the customer.  Upon adoption of this new standard, the Company believes that the timing of revenue recognition related to nutritional products sales will remain materially consistent with its current practice.  Based on the evaluation completed to date, the Company has identified membership fee-type revenue as an area that will be affected by the new standard resulting in, upon adoption on
January 1, 2018,
an estimated reduction to retained earnings ranging from
$350,000
to
$400,000;
(with such amount subject to final
2017
fiscal year balances).  Overall, the Company continues to finalize its evaluation of the standard's adoption will have on its consolidated financial statements and related disclosures.
               
 
In
February 2016,
the FASB issued ASU
No.
2016
-
2,
Leases (Topic
842
)
which supercedes the existing lease guidance.  This update requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than
twelve
months on its balance sheet.  The update also expands the required quantitative and qualitative disclosures surrounding leases.  This update is effective for fiscal years beginning after
December 15, 2018
and interim periods within those fiscal years, with earlier application permitted.  The Company expects the adoption of this standard to result in the recognition of right-of-use assets and lease liabilities
not
currently recorded in the Company's consolidated financial statements.  The Company is evaluating its transition method and other effects that the new standard on its consolidated financial statements and related disclosures.