Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Accounting Pronouncements

Note 10 - Accounting Pronouncements
6 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Accounting Pronouncements
February 2016,
the FASB issued ASU
, which requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than
months. The guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after
December 15, 2018,
including interim periods within those fiscal years. Early adoption is permitted.
The Company has begun evaluating the new lease standard, including the review and implementation of the necessary changes to our existing processes and systems that will be required to implement this new standard. While we are unable to quantify the impact at this time, it is expected the adoption of this standard will lead to a material increase in the assets and liabilities recorded on the consolidated balance sheets.
January 2017,
the FASB issued ASU
which offers amended guidance to simplify the accounting for goodwill impairment by removing Step
of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company’s interim and annual periods beginning after
January 1, 2020,
with early adoption permitted for any impairment tests performed after
January 1, 2017.
The Company does
believe the adoption of this ASU will have a material impact on our financial statements.