Note 3 - New Accounting Standards	6 Months Ended
Jun. 30, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	( 3 ) NEW ACCOUNTING STANDARDS In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 - 02, “Leases.” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Partnership is currently assessing the provisions of the standard and the impact of the adoption on its consolidated financial statements. In November 2015, the FASB issued ASU 2015 - 17, “Income Taxes (Topic 740 ),” to simplify income tax accounting. The update requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The Partnership adopted the provisions of ASU 2015 - 17 in the first quarter of 2017, and the update did not have a material impact on the Partnership’s financial condition, results of operations or cash flows. In July 2015, the FASB issued ASU 2015 - 11, “Inventory (Topic 330 ): Simplifying the Measurement of Inventory,” which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015 - 11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Partnership adopted the provisions of ASU 2015 - 11 in the first quarter of 2017, and the new accounting standard did not have a material impact on the Partnership’s financial condition, results of operations or cash flows. In May 2014, the FASB issued ASU 2014 - 09, “Revenue from Contracts with Customers (Topic 606 ).” The new guidance provides new criteria for recognizing revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the Partnership expects to be entitled in exchange for those goods or services. The new guidance requires expanded disclosures to provide greater insight into both revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts. Quantitative and qualitative information will be provided about the significant judgments and changes in those judgments that management made to determine the revenue which is recorded. In August 2015, the FASB issued ASU 2015 - 14, “Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date.” This update deferred the effective date for implementation of this standard by one year. ASU 2014 - 09 is now effective for annual and interim periods beginning after December 15, 2017, including interim periods within that period. The Partnership will adopt this guidance in the first quarter of 2018 using the modified retrospective transition method and does not anticipate a significant impact on its financial statements, except for broader disclosure of its revenue recognition in its Notes to Consolidated Financial Statements.

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NEW ACCOUNTING STANDARDS

February 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2016

02,

“Leases.” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than

months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Partnership is currently assessing the provisions of the standard and the impact of the adoption on its consolidated financial statements.

November 2015,

the FASB issued ASU

2015

17,

“Income Taxes (Topic

740

),” to simplify income tax accounting. The update requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The Partnership adopted the provisions of ASU

2015

in the

first

quarter of

2017,

and the update did

not

have a material impact on the Partnership’s financial condition, results of operations or cash flows.

July 2015,

the FASB issued ASU

2015

11,

“Inventory (Topic

330

): Simplifying the Measurement of Inventory,” which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU

2015

defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Partnership adopted the provisions of ASU

2015

in the

first

quarter of

2017,

and the new accounting standard did

not

have a material impact on the Partnership’s financial condition, results of operations or cash flows.

May 2014,

the FASB issued ASU

2014

09,

“Revenue from Contracts with Customers (Topic

606

).” The new guidance provides new criteria for recognizing revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the Partnership expects to be entitled in exchange for those goods or services. The new guidance requires expanded disclosures to provide greater insight into both revenue that has been recognized and revenue that is expected to be recognized in the future from existing contracts. Quantitative and qualitative information will be provided about the significant judgments and changes in those judgments that management made to determine the revenue which is recorded. In

August 2015,

the FASB issued ASU

2015

14,

“Revenue from Contracts with Customers (Topic

606

): Deferral of the Effective Date.” This update deferred the effective date for implementation of this standard by

one

year. ASU

2014

is now effective for annual and interim periods beginning after

December 15, 2017,

including interim periods within that period. The Partnership will adopt this guidance in the

first

quarter of

2018

using the modified retrospective transition method and does

not

anticipate a significant impact on its financial statements, except for broader disclosure of its revenue recognition in its Notes to Consolidated Financial Statements.