B. NEW ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Dec. 31, 2015

Accounting Changes and Error Corrections [Abstract]

B. NEW ACCOUNTING PRONOUNCEMENTS

In November 2015, the FASB issued Accounting Standards Update (ASU) 2015-17 which amends ASC 740-10, “Income Taxes.” The amendments in this Update simplify the presentation of deferred income taxes by requiring the deferred income tax assets and liabilities be classified as noncurrent in a classified statement of financial position.  Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts.  The amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016 and for annual and interim periods thereafter.  Management does not expect this amendment to have a material effect on the financial statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements.