NEW ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Jun. 30, 2022

NEW ACCOUNTING PRONOUNCEMENTS.

NEW ACCOUNTING PRONOUNCEMENTS

9.           NEW ACCOUNTING PRONOUNCEMENTS

In the first quarter of 2022, the Company early adopted ASU 2020-06. The update simplifies the accounting for convertible debt instruments and convertible preferred shares by reducing the number of accounting models and limiting the number of embedded conversion features separately recognized from the primary contract. The guidance also includes targeted improvements to the disclosures for convertible instruments and earnings per share. See Note 7 for discussion of the impact on the Company’s condensed consolidated financial statements.