XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Basis of Presentation
 3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]
2.
       Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The
December 31, 2017
balances reported herein are derived from the audited consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial position of the Company as of
March 31, 2018,
the results of its operations for the
three
-month periods ended
March 31, 2018
and
2017,
and cash flows for the
three
-month periods ended
March 31, 2018
and
2017.
 
The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 
10
-K for the year ended
December 31, 2017.
The results of operations for the
three
-month period ended
March 31, 2018
are
not
necessarily indicative of the results to be expected for the year ending
December 
31,
2018.
 
Recent Accounting Pronouncements
 
In
May 2014, 
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2014
-
09,
Revenue from Contracts with Customers (ASU
2014
-
09
), which requires an entity to recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled in exchange for those goods or services. ASU
2014
-
09
 supersedes most previous revenue recognition guidance and is effective for interim and annual reporting periods beginning within
2018.
The Company adopted the new guidance as of
January 1, 2018
using the modified retrospective adoption method. See Note
3
for further details.
 
In
February 2016,
the FASB issued ASU
No.
2016
-
02,
Leases (Topic
842
). ASU
2016
-
02
amends existing leasing accounting requirements. The most significant change will result in the recognition of lease assets and lease liabilities by lessees for virtually all leases. The new guidance will also require significant additional disclosures about the amount, timing, and uncertainty of cash flows from leases. ASU
2016
-
02
is effective for fiscal years and interim periods beginning after
December 15, 2018.
Upon adoption, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted, and a number of optional practical expedients
may
be elected to simplify the impact of adoption. The Company is assessing ASU
2016
-
02
and the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures.