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Recent Accounting Pronouncements
6 Months Ended
Mar. 31, 2013
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements [Text Block]

3. RECENT ACCOUNTING PRONOUNCEMENTS

 

In September 2011, the Financial Accounting Standard Board (“FASB”) issued an update to its authoritative guidance regarding the methods used to test goodwill for impairment. The amendment allows the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test currently required. Under that option, an entity would no longer be required to calculate the fair value of a reporting unit unless the entity determines, based on that qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If an entity concludes otherwise, then it must perform the two-step impairment test currently required. The Company adopted this guidance on October 1, 2012 on a prospective basis. The adoption of the standard did not have a material impact on the Company's financial position or results of operations. The Company evaluates its goodwill for impairment at least annually, which historically is performed as of the fiscal year end date (see Note 10).

 

In June 2011, the FASB issued authoritative guidance that revised its requirements related to the presentation of comprehensive income. This guidance eliminates the option to present components of other comprehensive income as part of the consolidated statement of equity. It requires presentation of comprehensive income, net income and the components of other comprehensive income, either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company adopted this guidance on October 1, 2012 and has elected to present comprehensive income in a single continuous statement of comprehensive income. The adoption of the standard did not have an impact on the Company's financial position or results of operations, as the Company currently has no other comprehensive income activity to report.

 

In February 2013, the FASB issued authoritative guidance for reporting amounts reclassified out of accumulated other comprehensive income (AOCI). The Company adopted this guidance prospectively on January 1, 2013. The adoption of the standard did not have an impact on the Company's financial position or results of operations, as the Company currently has no other comprehensive income activity to report.