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ACCOUNTING STANDARDS UPDATES | 12 Months Ended
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Dec. 31, 2019
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 2016-13, 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 2023 as long as we continue to qualify as an SRC |  | The Company is evaluating the impacts of the new standard on its existing financial instruments, including trade receivables.
﻿ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement |  | This pronouncement changes the fair value measurement disclosure requirements of ASC 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements. |  | Q1 2020 |  | The Company is evaluating the impact of the new standard on its Audited Consolidated Financial Statements, but does not anticipate the standard will have a significant impact.
﻿ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |  | This pronouncement is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. |  | Q1 2021 |  | The Company is evaluating the impacts of the new standard on its Audited Consolidated Financial Statements.
﻿ Accounting Standards Adopted in the Current Year
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﻿Standard |  | Description |  | Effect on the financial statements or other significant matters
﻿ 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. |  | This standard was adopted on its effective date, January 1, 2019 using the modified retrospective approach. For additional information see Note 8.
﻿ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting |  | The pronouncement simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. |  | The Company adopted this ASU in the first quarter of 2019, which did not have a material effect on the Audited Consolidated Financial Statements.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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