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Note 19 - Recent Accounting Pronouncements | 3 Months Ended
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Jan. 31, 2020
Notes to Financial Statements |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
19. | Recent Accounting Pronouncements
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 was effective for the Company on November 1, 2019 and we applied the modified retrospective method of adoption, resulting in no restatement of prior period financial statements. We elected the practical expedient package which allows us to carry forward our original assessment of whether contracts contained leases, lease classification and the initial direct costs. We also elected the practical expedient that allows lessees the option to account for lease and non-lease components together as a single component for all classes of underlying assets. The adoption of ASU 2016 - 02 resulted in a gross up on our Condensed Consolidated Balance Sheets for ROU assets and lease liabilities of $23.3 million and $24.4 million, respectively, as of November 1, 2019. Existing prepaid rent and accrued rent were recorded as an offset to the gross operating ROU assets. Our ROU assets are included in “Prepaid expenses and other assets” and the corresponding lease liabilities are included in “Accounts payable and other liabilities” line items on our Condensed Consolidated Balance Sheets. The adoption of ASU 2016 - 02 had no impact on our condensed consolidated statements of operations or cash flows, nor did it have a significant impact on our business processes, systems or internal controls. 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. The adoption of the applicable guidance of ASU 2018 - 09 did not have any significant impact 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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