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Note 3 - Accounting Pronouncements
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

3. Accounting Pronouncements

 

In November 2021, the FASB issued Accounting Standards Update No. (ASU) 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to provide certain disclosures when they have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. The ASU was effective January 1, 2022, and had no material impact on our consolidated financial statements and related disclosures.

 

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP principles to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued due to reference rate reform. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extended the adoption date. This guidance was effective beginning on March 12, 2020, and can be adopted on a prospective basis no later than December 31, 2024, with early adoption permitted. The Company early adopted the ASU, and it did not have an impact on our consolidated financial statements.