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Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
3.
Significant Accounting Policies and Recent Accounting Pronouncements
 
We disclosed in Note
2
to our consolidated financial statements included in our Annual Report on Form
10
-K for the year ended
December 31, 2018
those accounting policies that we consider significant in determining our results of operations and financial position. Other than as described below, there have been
no
material changes to, or in the application of, the accounting policies previously identified and described in the Form
10
-K.
 
In
February 2016,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update
No.
2016
-
02,
Leases
(ASU
2016
-
02
). ASU
2016
-
02
sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to classify leases as either financing or operating leases based on the principle of whether or
not
the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than
12
months regardless of their classification. Leases with a term of
12
months or less will be accounted for similar to prior guidance for operating leases. We adopted ASU
2016
-
02
effective
January 1, 2019;
such adoption had
no
material impact on our financial statements, given that the noncancelable term of our current lease is less than
12
months (see Note
8
).
 
There have been
no
other recent accounting pronouncements or changes in accounting pronouncements during the
nine
months ended
September 30, 2019,
as compared to the recent accounting pronouncements described in our Annual Report on Form
10
-K for the fiscal year ended
December 31, 2018,
which we expect to have a material impact on our financial statements.