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ACCOUNTING STANDARDS UPDATES | 12 Months Ended
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Dec. 31, 2017
ACCOUNTING STANDARDS UPDATES [Abstract] |
ACCOUNTING STANDARDS UPDATES | 2. ACCOUNTING STANDARDS UPDATES ﻿ Recently Issued Accounting Pronouncements ﻿ Rocky Brands, Inc. is currently evaluating the impact of certain ASUs on its Consolidated Financial Statements or Notes to the Consolidated Financial Statements: ﻿ ﻿
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﻿Standard |  | Description |  | Anticipated Adoption Period |  | Effect on the financial statements or other significant matters
﻿ ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). |  | The pronouncement provides specific guidance on eight cash flow classification issues to reduce the diversity in practice. |  | Q1 2018 |  | The Company does not anticipate the adoption of this standard will have a material impact on the Company's financial statements.
﻿ ASU 2016-13, Measurement of Credit Losses on Financial Instruments |  | The pronouncement seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in current U.S. 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. |  | Q1 2020 |  | The Company is evaluating the impacts of the new standard on its existing financial instruments, including trade receivables.
﻿ ASU 2016-02, Leases (Topic 842). |  | The pronouncement introduces a lessee model that brings most leases on the balance sheet. The standard requires that lessees recognize the following for all leases (with the exception of short-term leases, as that term is defined in the standard) at the lease commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. |  | Q1 2019 |  | The Company has formed an internal project team to begin gathering data relating to leasing activity at the Company. This includes compiling a list of all contracts that could meet the definition of a lease under the new standard and evaluating the accounting for these contracts under the new standard to determine the ultimate impact the new standard will have on the Company's financial statements.
﻿ASU 2014-09, Revenue from Contracts with Customers (Topic 606). |  | The pronouncement outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. |  | Q1 2018 |  | The Company does not anticipate the adoption of this standard will have a material impact on the Company's financial statements and has elected to apply the modified retrospective method of adoption. For additional information please see Note 1.
﻿ Accounting Standards Adopted in the Current Year
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﻿Standard |  | Description |  | Effect on the financial statements or other significant matters
﻿ ASU 2016-09, Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting. |  | Among other provisions, the standard requires that all income tax effects of awards are recognized in the income statement when the awards vest or are settled and also allows an employer to make a policy election to account for forfeitures as they occur. |  | The Company adopted this ASU in the first quarter of 2017, which did not have a material effect on the consolidated financial statements. Upon adoption, The Company has elected to continue incorporating an estimate for forfeitures for share-based compensation with a service condition.
﻿ ASU 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). |  | The amendments in this update simplify the presentation of deferred income taxes, the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. |  | The Company adopted this ASU effective January 201 7 and applied the amendments retrospectively to maintain comparability of its consolidated balance sheets. The change in accounting standard has been applied retrospectively by adjusting the consolidated balance sheets for the prior periods presented.
﻿ ASU 2015-11, Inventory (Topic 330). |  | The amendments in this Update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. |  | The Company has adopted this ASU in the first quarter of 2017, which did not have an effect on the consolidated financial statements.
﻿ ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40). |  | Prior to this ASU, there was no guidance in accounting principles generally accepted in the United States (U.S. GAAP) about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. |  | The Company has adopted this ASU in the first quarter of 2017, which did not have an effect on the consolidated financial statements.
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