Annual report pursuant to Section 13 and 15(d)

Note 3 - Recent Accounting Pronouncements

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Note 3 - Recent Accounting Pronouncements
12 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]
3.
Recent Accounting Pronouncements
 
In
June 2016,
the FASB issued ASU
2016
-
13
-Financial Instruments-Credit Losses (Topic
326
), which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost, the new guidance eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. ASU
2016
-
13
will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, and any other financial assets
not
excluded from the scope that have the contractual right to receive cash. ASU
2016
-
13
is effective for annual periods, and interim periods within those annual periods, beginning after
December 15, 2022.
Management has
not
yet evaluated the impact of this ASU on the consolidated financial statements.
 
In
August 2018,
the FASB issued ASU
2018
-
15
-Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. ASU
2018
-
15
aligns the requirements for capitalizing implementation costs in such cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2019
and early adoption is permitted. Entities can choose to adopt the new guidance prospectively or retrospectively. Management has
not
yet evaluated the impact of this ASU on the consolidated financial statements.