Note 2 - Accounting Pronouncements	3 Months Ended
Nov. 30, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	2. Accounting PronouncementS New Accounting Pronouncements Adopted In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015 - 11, “ Inventory ,” which modifies the subsequent measurement of inventories recorded under a first -in- first -out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The Company has adopted this new standard in the first quarter of fiscal 2018 on a prospective basis. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016 - 07, “ Investments – Equity Method and Joint Ventures (Topic 323 ): Simplifying the Transition to the Equity Method of Accounting .” Among other things, the amendments in ASU 2016 - 07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The Company adopted this new standard in the first quarter of fiscal 2018 on a prospective basis. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016 - 09, Stock Compensation , (Topic 718 ) , which is intended to simplify several aspects of the accounting for share-based payment award transactions. The Company adopted this new guidance in the first quarter of fiscal 2018. The adoption of this guidance did not have a material effect on the Company’s consolidated results of operations and financial position. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Revenue from Contracts with Customers, Topic 606 (ASU No. 2014 - 09 ), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one -year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014 - 09 on its consolidated financial statements, but currently believes that the timeline established for implementation is attainable. During February 2016, FASB issued ASU No. 2016 - 02, “ Leases .” ASU No. 2016 - 02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016 - 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The guidance will be effective for the Company’s first quarter of 2020. The Company is currently assessing the effect that ASU No. 2016 - 02 will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016 - 15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments. ASU 2016 - 15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayments or extinguishment costs, the maturing of a zero coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU 2016 - 15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for fiscal years beginning December 15, 2017. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU 2016 - 15 on its consolidated financial statements, but the adoption is not expected to have a significant impact on its consolidated financial statements. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.

Accounting PronouncementS

New Accounting Pronouncements Adopted

July 2015,

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

No.

2015

11,

“

Inventory

,” which modifies the subsequent measurement of inventories recorded under a

first

-in-

first

-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The Company has adopted this new standard in the

first

quarter of fiscal

2018

on a prospective basis. The adoption of this standard did

not

have a material impact on the Company’s consolidated financial statements.

March 2016,

the FASB issued ASU

No.

2016

07,

“

Investments – Equity Method and Joint Ventures (Topic

323

): Simplifying the Transition to the Equity Method of Accounting

.” Among other things, the amendments in ASU

2016

eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting,

retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The Company adopted this new standard in the

first

quarter of fiscal

2018

on a prospective basis. The adoption of this standard did

not

have a material impact on the Company’s consolidated financial statements.

March 2016,

the FASB issued ASU

2016

09,

Stock Compensation

(Topic

718

)

, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The Company adopted this new guidance in the

first

quarter of fiscal

2018.

The adoption of this guidance did

not

have a material effect on the Company’s consolidated results of operations and financial position.

Recently Issued Accounting Pronouncements

May 2014,

the FASB issued

Revenue from Contracts with Customers, Topic

606

(ASU

No.

2014

), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year

2018.

July 2015,

the FASB confirmed a

one

-year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s

first

quarter of

2019.

The Company is currently evaluating the impact of adopting ASU

2014

on its consolidated financial statements, but currently believes that the timeline established for implementation is attainable.

During

February 2016,

FASB issued ASU

No.

2016

02,

“

Leases

.” ASU

No.

2016

was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of

months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU

No.

2016

is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The guidance will be effective for the Company’s

first

quarter of

2020.

The Company is currently assessing the effect that ASU

No.

2016

will have on its consolidated financial statements.

August 2016,

the FASB issued ASU

No.

2016

15,

Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments.

ASU

2016

eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayments or extinguishment costs, the maturing of a

zero

coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU

2016

designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for fiscal years beginning

December 15, 2017.

Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU

2016

on its consolidated financial statements, but the adoption is

not

expected to have a significant impact on its consolidated financial statements.

Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does

not

believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.