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Note 14 - Recent Accounting Pronouncements
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
14.  
Recent Accounting Pronouncements
:
 
In February 2015, the FASB issued ASU No. 2015-02,
“Consolidation (Topic 810) - Amendments to the Consolidation Ana
l
ysis.”
The amendments in this update provide guidance on evaluating whether a company should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is allowed. The adoption of this pronouncement did not have a material effect on the Company’s net assets and changes in net assets.
 
In May 2015, the FASB issued ASU No. 2015-07, “
Fair Value Measurement
(Topic 820)
Disclosures for Investments in Certain
Entities That Calculate Net Asset Value per
Share (or Its Equivalent)
(“ASU No. 2015-07”).” The amendments in this Update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net
asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value
per share practical expedient. Rather, those disclosures are limited to investments
for which the entity has elected to measure the fair value using that practical
expedient. The amendments in this update are effective for public business entities for fiscal
years beginning after December 15, 2015, and interim periods within those fiscal
years. The adoption of this pronouncement did not have a material effect on the Company’s net assets and changes in net assets.
 
In May 2015, the FASB issued ASU No. 2015-08, “
Business Combinations
(Topic 805) (“ASU No. 2015-08”).” This update amends various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115. The adoption did not have a material effect on the Company’s net assets and changes in net assets.
 
In June 2015, the FASB issued ASU No. 2015-10,
“Technical Corrections and Improvements
(“ASU No. 2015-10”).” The amendments in this update cover a wide range of Topics in the Codification. The amendments in this update represent changes to make minor corrections or minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. This update is the final version of Proposed Accounting Standards Update 2014-240—Technical Corrections and Improvements, which has been deleted. The adoption did not have a material effect on the Company’s net assets and changes in net assets.
 
In August 2015, the FASB issued ASU 2015-14,
“Revenue from Contracts with Customers (Topic 606).”
The amendments in this Update defer the effective date of Update 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The adoption of this pronouncement is not expected to have a material effect on the Company’s net assets and changes in net assets
.
 
In February 2016, the FASB issued ASU No. 2016-02,
“Leases (Topic 842)”
. This update provides revised guidance related to the accounting and reporting of leases. ASU 2016-02 requires lessees to recognize most leases on the balance sheet. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. ASU 2016-02 requires a modified retrospective transition, with a number of practical expedients that entities may elect to apply. ASU 2016-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. The adoption of this pronouncement is not expected to have a material effect on Company’s net assets and changes in net assets
.