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Note 15 - Recent Accounting Pronouncements and Developments
 6 Months Ended
Jun. 26, 2016
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
15.
RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS
 
In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This ASU amends the existing accounting standards for revenue recognition and is based on the principle that revenue should be recognized to depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services.   The new revenue standards are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently evaluating the potential impacts of this new guidance as well as the available transition methods.
 
In March 2016, the FASB issued ASU 2016-09, “Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.  ASU 2016-09 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016.  The Company is currently evaluating the potential impacts of this new guidance.