Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Recent Accounting Pronouncements and Developments

v3.20.1
Note 2 - Recent Accounting Pronouncements and Developments
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]
2.
       Recent Accounting Pronouncements and Developments
 
In
June 2016,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update
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. 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.