Note 3 - Accounting Standards Adopted in Fiscal 2016 and Recent Accounting Pronouncements

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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

Note 3 -

Accounting Standards Adopted in Fiscal 2016 and Recent Accounting Pronouncements

Accounting Standards Adopted in Fiscal

201

6

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (“ASU”) No. 2014-08,

Presentation of Financial Statements

(Topic 205) and Property, Plant and Equipment (Topic

360)

:

Reporting Discontinued Operations and Disclosures

of Disposals of Components of an Entity

. This update changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in the discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Further, this update expands the disclosures about an entity’s significant continuing involvement with a discontinued operation. The standard is required to be adopted for annual periods beginning on or after December 15, 2014, including interim periods within that annual period. This ASU was effective beginning October 1, 2015 for the Company, and the adoption has had no impact on the Company’s financial condition, results of operations or disclosures.

Other Recent

Accounting Pronouncements

The Company will evaluate new accounting pronouncements as detailed in its Annual Report on Form 10-K for the year ended September 30, 2015.