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Note 18 - Recent Accounting Pronouncements | 6 Months Ended
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Apr. 30, 2019
Notes to Financial Statements |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
18. | Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014 - 09, “Revenue from Contracts with Customers” (Topic 606 ), (“ASU 2014 - 09” ). ASU 2014 - 09 requires entities to recognize revenue that represents the transfer of promised goods or services to customers in an amount equivalent to the consideration to which the entity expects to be entitled to in exchange for those goods or services. The following steps should be applied to determine this amount: ( 1 ) identify the contract(s) with a customer; ( 2 ) identify the performance obligations in the contract; ( 3 ) determine the transaction price; ( 4 ) allocate the transaction price to the performance obligations in the contract; and ( 5 ) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014 - 09 supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition,” and most industry-specific guidance in the Accounting Standards Codification. The FASB has also issued a number of updates to this standard. The standard was effective for us for annual and interim periods beginning November 1, 2018 and we applied the modified retrospective method of adoption. The implementation did not result in any significant changes to our business processes, systems, or internal controls, or have a material impact on our Condensed Consolidated Financial Statements. In February 2016, the FASB issued ASU No. 2016 - 02, “Leases (Topic 842 )” (“ASU 2016 - 02” ), which provides guidance for accounting for leases. ASU 2016 - 02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016 - 02 is effective for the Company beginning November 1, 2019. Early adoption is permitted. In July 2018, the FASB issued ASU No. 2018 - 10 “Codification Improvements to Topic 842, Leases” (“ASU 2018 - 10” ) and ASU No. 2018 - 11 “Leases (Topic 842 ) Targeted Improvements” (“ASU 2018 - 11” ). ASU 2018 - 10 provides certain amendments that affect narrow aspects of the guidance issued in ASU 2016 - 02. ASU 2018 - 11 allows all entities adopting ASU 2016 - 02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018 - 11 also allows lessors to not separate nonlease components from the associated lease component if certain conditions are met. We are currently evaluating both the method and the impact of adopting this guidance on our Condensed Consolidated Financial Statements. In July 2018, the FASB issued ASU No. 2018 - 09, “Codification Improvements” (“ASU 2018 - 09” ). ASU 2018 - 09 provides amendments to a wide variety of topics in the FASB’s Accounting Standards Codification, which applies to all reporting entities within the scope of the affected accounting guidance. The transition and effective date guidance are based on the facts and circumstances of each amendment. Some of the amendments in ASU 2018 - 09 do not require transition guidance and were effective upon issuance of ASU 2018 - 09. However, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018. We are currently evaluating the potential impact of adopting the applicable guidance on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018 - 13, “Fair Value Measurement (Topic 820 ) - Disclosure Framework” (“ASU 2018 - 13” ), which improves the disclosure requirements for fair value measurements. ASU 2018 - 13 is effective for us beginning November 1, 2020. Early adoption is permitted for any removed or modified disclosures. We are currently evaluating the potential impact of adopting this guidance on our Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018 - 15 “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350 - 40 ): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract” (“ASU 2018 - 15” ). ASU 2018 - 15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018 - 15 is effective for us beginning November 1, 2020. Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance on our Condensed Consolidated Financial Statements.

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