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Note 10 - Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
10.
Recent Accounting Pronouncements
 
The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”).
 
Recently Adopted
 
In
August 2018,
the FASB issued ASU
2018
-
13
which eliminates, adds and modifies certain fair value measurement disclosures. The ASU is effective for annual reporting periods beginning after
December 15, 2019,
including interim reporting periods within those annual periods, with early adoption permitted.  The adoption of the standard did
not
have a material impact to the consolidated financial statements.
 
In
January 2017,
the FASB issued ASU
2017
-
04
simplifying the accounting for goodwill impairment for all entities. The new guidance eliminates the requirement to calculate the implied fair value of goodwill (Step
2
of the current
two
-step goodwill impairment test under ASC
350
). Instead, entities will record an impairment charge based on the excess of a reporting unit's carrying amount over its fair value (Step
1
of the current
two
-step goodwill impairment test). The ASU is effective prospectively for reporting periods beginning after
December 15, 2019,
with early adoption permitted for annual and interim goodwill impairment testing dates after
January 1, 2017.
The adoption of this standard did
not
have a material impact on the goodwill impairment testing process or the consolidated financial statements.
 
In
December 2019,
the FASB issued ASU
2019
-
12
simplifying various aspects related to the accounting for income taxes. The guidance removes exceptions to the general principles in Topic
740
related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The ASU is effective for annual reporting periods beginning after
December 15, 2020,
including interim reporting periods within those annual periods, with early adoption permitted. The adoption of this standard did
not
have a material impact on the goodwill impairment testing process or the consolidated financial statements.
 
Not
Yet Adopted
 
In
June 2016,
the FASB issued ASU
No.
2016
-
13,
“Financial Instruments (Topic
326
) Credit Losses”. Topic
326
changes the impairment model for most financial assets and certain other instruments. Under the new standard, entities holding financial assets and net investment in leases that are
not
accounted for at fair value through net income are to be presented at the net amount expected to be collected. An allowance for credit losses will be a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. Topic
326
is effective as of
January 1, 2020,
although in
November 2019,
the FASB delayed the effective date until fiscal years beginning after
December 15, 2022
for SEC filers eligible to be smaller reporting companies under the SEC's definition, as well as private companies and
not
-for-profit entities. The Company qualifies as a smaller reporting company under the SEC's definition. Early adoption is permitted. The Company is currently evaluating the impact of Topic
326
on its consolidated balance sheets, statements of operations, statements of cash flows and related disclosures.