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Note 17 - New Accounting Standards Not Yet Adopted | 12 Months Ended
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Oct. 31, 2016
Notes to Financial Statements |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
(17) | New Accounting Standards Not Yet Adopted
In May 2014, the FASB issued Accounting Standards Update 2014 09, Revenue from Contracts with Customers (“ASU 2014 09”). ASU 2014 09 is a comprehensive new revenue recognition model that expands disclosure requirements and requires an entity to recognize revenue when promised goods or services are transferred to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update 2015 14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015 14”) which defers the effective date of the new revenue recognition standard by one year. Under ASU 2015 14, the new revenue recognition standard is effective for the Company beginning in fiscal year 2019. In March 2016, the FASB issued Accounting Standards Update 2016 08, Revenue from Contracts with Customers (Topic 606) Principle versus Agent Considerations , (“ASU 2016 08”). ASU 2016 08 clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued Accounting Standards Update 2016 10, Revenue from Contracts with Customers (Topic 606) Identifying Performance Obligations and Licensing (“ASU 2016 10”). ASU 2016 10 clarifies two aspects of Topic 606: identifying performance obligation and the licensing implementation guidance, while retaining the related principles for those areas. In May 2016, the FASB issued Accounting Standards Update 2016 12, Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients (“ASU 2016 12”). The amendments in ASU 2016 12 address the areas of collectability, presentation of sales tax and other similar taxes collected from customers, noncash consideration, contract modifications and completed contracts at transition. The update also amends the disclosure requirements within ASU 2014 09 for entities that retrospectively apply the guidance. The amendments in ASU 2016 08, ASU 2016 10 and ASU 2016 12 are effective in conjunction with ASU 2015 14. The Company is currently evaluating the impact of the adoption of this guidance on the Company's results of operations, financial position and liquidity and its related financial statement disclosures. In April 2015, the FASB issued Accounting Standards Update 2015 03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015 03"). ASU 2015 03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. In August 2015, the FASB issued Accounting Standards Update 2015 15, Interest Imputed Interest (Subtopic 835 30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements (“ASU 2015 15”) which clarifies that entities may continue to defer and present debt issuance costs associated with a line of credit as an asset and subsequently amortize the deferred costs ratably over the term of the arrangement. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. The new guidance must be applied retrospectively to all prior reporting periods presented. The adoption of ASUs 2015 03 and 2015 15 are not expected to have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures. In July 2015, the FASB issued Accounting Standards Update 2015 11, Simplifying the Measurement of Inventory (“ASU 2015 11”). ASU 2015 11 changes the inventory valuation method from lower of cost or market to lower of cost and net realizable value for inventory valued using first in, first out or average cost. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015 11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and should be applied prospectively with early adoption permitted. The adoption of ASU 2015 11 is not expected to have any impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures. In November 2015, the FASB issued Accounting Standards Update 2015 17, Income Taxes (“ASU 2015 17”). ASU 2015 17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015 17 is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those periods, with early adoption permitted. The adoption of ASU 2015 17 is not expected to have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures. In February 2016, the FASB issued Accounting Standards Update 2016 02, Leases (“ASU 2016 02”). ASU 2016 02 requires the recognition of a separate lease liability representing the required lease payments over the lease term and a separate lease asset representing the right to use the underlying asset during the same lease term. Additionally, this ASU provides clarification regarding the identification of certain components of contracts that would represent a lease as well as requires additional disclosures to the notes of the financial statements. ASU 2016 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period with early adoption permitted. The adoption of ASU 2016 02 is not expected to have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures. In March 2016, the FASB issued Accounting Standards Update 2016 09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting (“ASU 2016 09”). ASU 2016 09 simplifies several aspects related to the accounting for share based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification on the statement of cash flows. ASU 2016 09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The adoption of ASU 2016 09 is not expected to have a material impact on the Company’s results of operations, financial position or liquidity or its related financial statement disclosures. In August 2016, the FASB issued Accounting Standards Update 2016 15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016 15”). ASU 2016 15 provides guidance related to the classification of certain cash receipts and cash payments on the statement of cash flows. The pronouncement provides clarification guidance on eight specific cash flow presentation issues that have developed due to diversity in practice. ASU 2016 15 is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The adoption of ASU 2016 15 is not expected to have a material impact on the Company's results of operations, financial position or liquidity or its related financial statement disclosures. In October 2016, the FASB issued Accounting Standards Update 2016 16, Income Taxes (Topic 740): Intra Entity Transfers of Assets Other Than Inventory (“ASU 2016 16”). ASU 2016 16 requires an entity to recognize the income tax consequences of an intra entity transfer of an asset (with the exception of inventory) when the transfer occurs. Under current GAAP, entities are prohibited from recognizing current and deferred income taxes for an intra entity transfer until the asset is sold to a third party. Examples of assets that would be affected by the new guidance are intellectual property and property, plant and equipment. ASU 2016 16 is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period, with early adoption permitted. The adoption of ASU 2016 16 is not expected to have a material impact on the Company's results of operations, financial position or liquidity or its related financial statement disclosures. There are no other new accounting standards issued, but not yet adopted by the Company, which are expected to materially impact the Company’s financial position, operating results or financial statement disclosures.

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