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Note 17 - New Accounting Standards Not Yet Adopted | 12 Months Ended
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Oct. 31, 2018
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. The FASB has also issued ASU 2016 - 08, ASU 2016 - 10, ASU 2016 - 11, ASU 2016 - 12, ASU 2016 - 20 and ASU 2017 - 14 all of which clarify certain implementation guidance within ASU 2014 - 09. The Company is currently evaluating the potential impact of the adoption of this guidance, but does not anticipate that the adoption will significantly change the timing or amount of revenue recognized. Therefore, the Company believes the adoption will be limited to expanded disclosures with no material impact on its results of operations, financial position and liquidity. 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 to 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 Company is currently evaluating the provisions of ASU 2016 - 02 in order to determine the impact on its results of operations, financial position and liquidity and its related financial statement disclosures. In July 2018, the FASB issued ASU 2018 - 11, Leases (Topic 842 ), Targeted Improvements , which provides an additional (and optional) transition method to adopt the new lease standard. Under the new transition method, an entity would initially apply the new lease requirements in the period of adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without adjustment to the financial statements for periods prior to adoption. The Company expects the adoption of this guidance may result in an increase to its long-term assets and liabilities on its consolidated balance sheet depending on the resulting impact of any decision by the Company to renew, extend or replace its two existing real estate leases, as the current leases expire; however, the Company does not expect the adoption to have a material impact on its results of operations, financial position and liquidity and 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. In June 2018, the FASB issued Accounting Standards Update 2018 - 07, Compensation – Stock Compensation (Topic 718 ): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018 - 07” ). ASU 2018 - 07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018 - 07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide ( 1 ) financing to the issuer or ( 2 ) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Revenue from Contracts with Customers (Topic 606 ). ASU 2018 - 07 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 2018 - 07 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 June 2018, the FASB issued Accounting Standards Update 2018 - 08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (“ASU 2018 - 08” ). ASU 2018 - 08 applies to entities that receive or make contributions, which primarily are not -for-profit entities but also affects business entities that make contributions. In the context of business entities that make contributions, the FASB clarified that a contribution is conditional if the arrangement includes both a barrier for the recipient to be entitled to the assets transferred and a right of return for the assets transferred (or a right of release of the business entity’s obligation to transfer assets). The recognition of contribution expense is deferred for conditional arrangements and is immediate for unconditional arrangements. ASU 2018 - 08 requires modified prospective transition to arrangements that have not been completed as of the effective date or that are entered into after the effective date, but full retrospective application to each period presented is permitted. ASU 2018 - 08 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 2018 - 08 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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