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Note 2 - Recent Accounting Pronouncements
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9 Months Ended | ||
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Sep. 28, 2014
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| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
| New Accounting Pronouncements and Changes in Accounting Principles [Text Block] |
In July, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11, which was effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, provides guidance on the financial statement presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The adoption of ASU 2013-11 had no impact on our unaudited interim consolidated financial statements. In May 2014, the FASB published a new standard on revenue recognition, ASC Topic 606: Revenue from Contracts with Customers. The standard is the result of a convergence project with the International Accounting Standards Board. The new standard provides a framework that replaces existing revenue recognition guidance by moving away from the industry and transaction-specific requirements under US GAAP. The standard is effective for annual periods beginning on or after December 16, 2016, including interim periods within that reporting period. The Company will adopt ASC 606 in its financial statements for the interim and annual period beginning on December 25, 2016. The extent of the impact of adoption of the standard has not yet been determined. In June 2014, the FASB published a new standard on share-based payments, ASU 2014-12 Topic 718: Compensation – Stock Compensation. The standard is amended to require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The standard is effective for all entities for years, and interim periods within those years, beginning after December 15, 2015. The extent of the impact of adoption of the standard has not yet been determined. |