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Note 3 - New Accounting Pronouncements | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 . New Accounting Pronouncements In 2014, the FASB issued guidance on revenue recognition, which provides for a single five -step model to be applied to all revenue contracts with customers. The guidance also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. The guidance provides an option to use either a retrospective approach or a cumulative effect adjustment approach to implement the guidance. In 2015, the FASB issued a deferral of the effective date of the guidance to 2018, with early adoption permitted in 2017. In 2016, the FASB issued final amendments clarifying the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting of intellectual property licenses. In addition, the FASB introduced practical expedients related to disclosures of remaining performance obligations, as well as other amendments . The Company has completed its evaluation of the overall impact of the new standard on its accounting policies, processes, system requirements and internal controls over financial reporting. The Company will adopt the new standard as of January 1, 2018 using the modified retrospective method, and does not expect a material impact on the timing and amount of revenue recognized in its financial statements. In July 2015, the FASB issued ASU 2015 - 11, Simplifying the Measurement of Inventory . Under this standard, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015 - 11 is effective for interim and annual periods beginning after December 15, 2016. The adoption of this accounting standard update did not have a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015 - 17, Balance Sheet Classification of Deferred Taxes , to eliminate the current requirements to classify deferred income tax assets and liabilities between current and noncurrent. To simplify the presentation of deferred income taxes, the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The adoption of ASU 2015 - 17 did not have a material impact on our consolidated financial statements. The Company has adopted the standard and the impact to our consolidated financial statements for the period ended September 30, 2017 was a reclassification of $779,000 in deferred tax assets to noncurrent, and a reclassification of $773,000 in deferred tax assets to noncurrent for the period ended December 31, 2016. In February 2016, the FASB issued ASU 2016 - 02, Leases ( Topic 842 ), aimed at making leasing activities more transparent and comparable. The new standard requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including today’s operating leases. For public business entities, the standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, the standard is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all entities. While we are currently evaluating the potential impact of this new standard, we expect that our property, plant and equipment will increase significantly due to the addition of assets currently under lease, and the lease liabilities will correspondingly increase. On August 26, 2016, the FASB issued Accounting Standards Update No. 2016 - 15, Statement of Cash Flows (Topic 230 ) , a consensus of the FASB’s Emerging Issues Task Force (“ASU 2016 - 15” ). The new guidance amends Accounting Standards Codification No. 230 (“ASC 230” ) to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. ASC 230 lacks consistent principles for evaluating the classification of cash payments and receipts in the statement of cash flows. This has led to diversity in practice and, in certain circumstances, financial statement restatements. Therefore, the FASB issued the ASU 2016 - 15 with the intent of reducing diversity in practice with respect to eight types of cash flows. ASU 2016 - 15 is effective for annual and interim periods in fiscal years beginning after December 15, 2017. The implementation of this standard is not expected to have a material impact upon the Company’s consolidated financial statements.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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