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Note 3 - Accounting Standards Adopted in Fiscal 2024
6 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
New Accounting Pronouncement [Text Block]

Note 3 - Accounting Standards Adopted in Fiscal 2024

 

On October 1, 2023, the Company adopted Current Expected Credit Losses, a credit loss accounting standard (model) issued by the Financial Accounting Stands Board, requiring financial assets measured at amortized cost to be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The standard eliminates the threshold for initial recognition in current U.S. GAAP and reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. The adoption of this guidance has no material effect on the Company’s consolidated financial statements.