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Note 13 - New Accounting Standards and Updates from the Securities Exchange Commission ("SEC") | 3 Months Ended
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Mar. 28, 2020
Notes to Financial Statements |
Accounting Standards Update and Change in Accounting Principle [Text Block] |
13. | New Accounting Standards and Updates from the Securities Exchange Commission (“SEC”)
In June 2016, the FASB issued ASU 2016 - 13, Financial Instruments - Credit Losses (Topic 326 ). The new standard amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. In February 2020, the FASB issued ASU 2020 - 02, Financial Instruments-Credit Losses (Topic 326 ) and Leases (Topic 842 ) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016 - 02, Leases (Topic 842 ), which amends the effective date of the original pronouncement for smaller reporting companies. ASU 2016 - 13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. The Company believes the adoption will modify the way the Company analyzes financial instruments, but it does not anticipate a material impact on results of operations. The Company is in the process of determining the effects the adoption will have on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020 - 04, Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. In December 2019, the FASB issued ASU 2019 - 12, Income Taxes (Topic 740 ) , which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The amendment will be effective for public companies with fiscal years beginning after December 15, 2020; early adoption is permitted. The Company has adopted ASU 2019 - 12 as it relates to interim reporting as of December 29, 2019. The adoption resulted in the Company recording the entire benefit calculated under the general FASB ASC 740 - 270 model in its March 28, 2020, consolidated financial statements.

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- Definition The entire disclosure for change in accounting principle. 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