Recently Issued Accounting Standard Not Yet Adopted

9 Months Ended

Apr. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Note 14—Recently Issued Accounting Standard Not Yet Adopted

In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that will supersede most of the current revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (“IFRS”). The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. The Company will adopt this standard on August 1, 2017. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company is evaluating the impact that the standard will have on its consolidated financial statements.

In April 2014, an accounting standard update was issued that changes the criteria for reporting discontinued operations and enhances convergence of U.S. GAAP and IFRS reporting requirements for discontinued operations. The amendments in the update raise the threshold for a disposal to qualify as a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The adoption of this standard update will be applied prospectively to (a) all disposals (or classifications as held for sale) of components of the Company, and (b) all businesses that, on acquisition, are classified as held for sale, that occur within a fiscal year beginning on or after August 1, 2015. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in previously issued financial statements. The Company does not expect the adoption of this standard update to impact its financial position, results of operations or cash flows.