Note 3 - Recent Accounting Pronouncements

3 Months Ended

Dec. 31, 2016

Notes to Financial Statements

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

Note

3

–

Recent Accounting Pronouncements

       In

January

2016,

the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (“ASU”) No.

2016

-

01,

Financial Instruments – Overall (Subtopic

825

-

10):

Recognition and Measurement of Financial Assets and Financial Liabilities

. This ASU updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments and applies to all entities that hold financial assets or owe financial liabilities. It requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in Other Comprehensive Income changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available-for-sale debt securities in combination with other deferred tax assets. The Update also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. This ASU is effective for public business with fiscal years beginning after

December

15,

2017,

including interim

periods within that annual period, which is the Company’s fiscal

2019.

The Company has not yet evaluated what impact, if any, the adoption of this ASU

may

have on its financial condition, results of operations or disclosures.

In addition, the Company will evaluate the other new accounting pronouncements as detailed in its Annual Report on Form

10

-K for the year ended

September

30,

2016.