Recent Accounting Pronouncements

9 Months Ended

Jun. 30, 2013

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

(2)Recent Accounting Pronouncements

In July 2012, the Financial Accounting Standards Board (“FASB”) issued new guidance on the impairment testing for indefinite-lived intangible assets other than goodwill.  This guidance now permits entities to initially perform a qualitative assessment on indefinite-lived intangible assets impairment to assess whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount.  If, as a result of the qualitative assessment, it is determined that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the quantitative impairment test is required.  The Company will adopt the guidance for its annual impairment tests performed in fiscal 2013.  The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In February 2013, the FASB issued new guidance on the presentation of comprehensive income.  This guidance requires reclassification adjustments from other comprehensive income to be presented either in the financial statements or in the notes to the financial statements.  The standard would not change the current requirements for reporting net income or other comprehensive income in financial statements.  However, the guidance would require an entity to provide enhanced disclosures to present separately by component reclassifications out of accumulated other comprehensive income.  This guidance is effective for the Company in the first quarter of fiscal 2014.  The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In March 2013, the FASB issued an accounting update that clarifies the applicable guidance for the release of the cumulative translation adjustment when an entity ceases to have a controlling financial interest in a subsidiary or a group of assets that is a business within a foreign entity.  The guidance outlines the events when cumulative translation adjustments should be released into net income and is intended by FASB to eliminate some disparity in current accounting practice.  This guidance is effective for the Company in the first quarter of fiscal 2014.  The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.