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Significant Accounting Policies (Policies)
3 Months Ended
Dec. 28, 2019
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Adopted Accounting Standard - Leases
 
Leases
 
Effective
September 29, 2019,
the Company adopted ASU
No.
2016
-
02,
Leases
(Topic
842
) (“ASC
842”
), using the modified retrospective approach and did
not
have a cumulative-effect adjustment in retained earnings as a result of the adoption.
ASU
842
requires an entity
to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The adoption of this standard required the Company to recognize a right-of-use asset and a corresponding lease liability associated with the operating lease on its facilities at
100
Domino Drive, Concord, MA in the amount of
$767,712
at
September 29, 2019.
The adoption of ASC
842
did
not
materially change the Company’s consolidated statements of income or consolidated statements of cash flows. See “Note
6.
Leases” for further discussion.