| New Accounting Pronouncements, Policy [Policy Text Block] |
New Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016 - 02, Leases . The guidance in ASU 2016 - 02 supersedes the lease recognition requirements in the Accounting Standards Codification (ASC) Topic 840, Leases . ASU 2016 - 02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. This standard became effective for the Company on The FASB has subsequently issued the following amendments to ASU 2016 - 02, which have the same effective date and transition date of and which are collectively referred to as the new leasing standards: | · | ASU No. 2018 - 01, Leases (Topic 842 ): Land Easement Practical Expedient for Transition to Topic 842 not evaluate under Topic 842 land easements that existed or expired prior to adoption of Topic 842 and that were not previously accounted for as leases under the prior standard, ASC 840, Leases . | | · | ASU No. 2018 -10, Codification Improvements to Topic 842, Leases 2016 -02. | | · | ASU No. 2018 -11, Leases (Topic 842 ): Targeted Improvements 2016 -02 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption as well as an additional practical expedient for lessors to not separate non-lease components from the associated lease component. | | · | ASU No. 2018 -20, Narrow-Scope Improvements for Lessors , which contains certain narrow scope improvements to the guidance issued in ASU 2016 -02. | Additional information and disclosures required by this new standard are contained in Note 12, titled “Commitments and Contingencies.” The Company adopted the new leasing standards on using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, and, consequently, financial information will not be updated and the disclosures required under Topic 842 will not be provided for dates and periods prior to The Company has reviewed its existing lease contracts and the impact of the new leasing standards on its consolidated results of operations, financial position and disclosures. Upon adoption of the new leasing standards, the Company recognized a lease liability and related right-of-use asset on its consolidated balance sheet of approximately Recently Issued Accounting Pronouncements In February 2018, the FASB issued ASU No. 2018 - 02, Income Statement – Reporting Comprehensive Income (Topic 220 ) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which will allow a reclassification from accumulated other comprehensive income to retained earnings for the tax effects resulting from the Tax Cuts and Jobs Act (Tax Reform Act) that are stranded in accumulated other comprehensive income. This standard also requires certain disclosures about stranded tax effects. ASU No. 2018 - 02, however, does not change the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations. ASU No. 2018 - 02 was adopted by the Company commencing with first quarter of the Company’s fiscal year 2020, and it did not have any impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016 - 13, Measurement of Credit Losses on Financial Instruments , which revises guidance for the accounting for credit losses on financial instruments within its scope, and in November 2018, issued ASU No. 2018 - 19 and in April 2019, issued ASU No. 2019 - 04 and in May 2019, issued ASU No. 2019 - 05, and in November 2019, issued ASU No. 2019 - 11, which amended the standard. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. This ASU is effective for fiscal years beginning after including interim periods within those fiscal years, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is still evaluating the impact of this ASU. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results. |
