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Note 2 - Accounting Standards Updates | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. ACCOUNTING STANDARDS UPDATES Recently Issued Accounting Pronouncements Rocky Brands, Inc. is currently evaluating the impact of certain Accounting Standards Updates (“ASU”) on its Unaudited Condensed Consolidated Financial Statements or Notes to the Unaudited Condensed Consolidated Financial Statements:
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 |  | We are evaluating the impacts of the new standard on our existing financial instruments, including trade receivables.
Accounting Standards Adopted in the Current Year
Standard |  | Description |  | Effect on the financial statements or other significant matters
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. |  | We adopted the new standard in Q1 2020 and the standard did not have a significant impact on our Unaudited Condensed Consolidated Financial Statements.
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. |  | We adopted the new standard in Q1 2021 and the standard did not have a significant impact on our Unaudited Condensed Consolidated Financial Statements.

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