Effects of Recent Accounting Pronouncements

3 Months Ended

Oct. 31, 2016

Accounting Changes and Error Corrections [Abstract]

Effects of Recent Accounting Pronouncements

Note 2 – Effects of Recent Accounting Pronouncements:

Recently Issued Accounting Pronouncements

In November 2014, the FASB issued guidance regarding Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The guidance became effective this quarter. The Company has determined that this accounting standard has no impact on its consolidated financial statements.

In August 2014, the FASB issued guidance regarding disclosure of uncertainties about an entity’s ability to continue as a going concern. The guidance became effective this quarter. The Company has determined that this accounting standard has no impact on its consolidated financial statements.