Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Accounting Pronouncements

Note 11 - Accounting Pronouncements
6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Accounting Pronouncements
Recent Accounting Pronouncements
May 2014,
the Financial Accounting Standards Board (the “FASB”) issued guidance creating Accounting Standards Codification (“ASC”) Section
Revenue from Contracts with Customers
. The new section will replace Section
“Revenue Recognition” and creates modifications to various other revenue accounting standards for specialized transactions and industries. The section is intended to conform revenue accounting principles with a concurrently issued International Financial Reporting Standards with previously differing treatment between United States practice and those of much of the rest of the world, as well as to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning after
December 15, 2017,
and interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after
December 15, 2016,
including interim periods within that reporting period. The Company is planning to complete an assessment of its revenue streams during the
quarters of fiscal
to determine the impact that this standard will have on its business practices, financial condition, results of operations and disclosures. The updated guidance permits
methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The updated guidance requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required for customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The Company anticipates there will be expanded financial statement disclosures in order to comply with the updated guidance. The Company has
yet decided on the transition method upon adoption, but plans to select a transition method during the
quarter of fiscal
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 is evaluating the impact the adoption of this ASU will have on our financial statements.
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.