Note 3 - New Accounting Pronouncements

9 Months Ended

Jun. 30, 2012

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Note 3 -New Accounting Pronouncements

On January 1, 2012, the Company adopted the Financial Accounting Standards Board’s Accounting Standards Update (ASU) No. 2011-04, an amendment to ASC 820, “Fair Value Measurement”, to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards (FRS).  The ASU changes the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to ensure consistency between U.S. GAAP and IFRS.  The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

     In March 2012 the Company adopted early the Financial Accounting Standards Board’s Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220) -- Presentation of Comprehensive Income, which requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  This adoption provides only a different presentation of the Company’s comprehensive income and has no impact on its financial statements.