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Note 2 - Recently Issued Accounting Standards
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]
NOTE
2
- RECENTLY ISSUED ACCOUNTING STANDARDS
 
The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs
not
listed below were assessed and determined either to be
not
applicable or are expected to have minimal impact on the Company’s Consolidated Financial Statements.
 
In
December 2019,
the FASB issued ASU
2019
-
12,
“Simplifying the Accounting for Income Taxes”, which, as part of its Simplification Initiative to reduce the cost and complexity in accounting for income taxes, removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU
2019
-
12
also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after
December 
15,
2020,
with early adoption permitted. The Company currently does
not
expect the adoption of ASU
2019
-
12
will have a material impact on the Company’s Consolidated Financial Statements.
 
In
August 2018,
the FASB issued ASU
2018
-
14,
“Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic
715
-
20
): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans”, which improves disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This standard is effective for fiscal years ending after
December 15, 2020,
for public business entities. Early adoption is permitted for all entities. An entity should apply the amendments in this Update on a retrospective basis to all periods presented. The Company currently does
not
expect the adoption of ASU
2019
-
12
will have a material impact on the Company’s Consolidated Financial Statements.
 
Recently Adopted Accounting Standards
 
In
June 2016,
the FASB issued ASU
2016
-
13,
“Financial Instruments-Credit Losses (Topic
326
): Measurement of Credit Losses on Financial Instruments”, which replaced the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU
2016
-
13
requires use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. ASU
2016
-
13
is effective for fiscal years beginning after
December 
15,
2019,
with early adoption permitted. Adoption of the standard requires using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align existing credit loss methodology with the new standard. In
November 2019,
the FASB issued ASU
2019
-
11,
Codification Improvements to Topic
326,
Financial Instruments—Credit Losses. ASU
2019
-
11
requires entities that did
not
adopt the amendments in ASU
2016
-
13
as of
November 2019
to adopt ASU
2019
-
11.
This ASU contains the same effective dates and transition requirements as ASU
2016
-
13.
The Company adopted Topic
326
effective
January 
1,
2020.
The impact of adoption of these standards was
not
material on the Company’s Consolidated Financial Statements.