New Accounting Pronouncements

9 Months Ended

Jun. 30, 2011

New Accounting Pronouncements

New Accounting Pronouncements

(11) New Accounting Pronouncements

In June, 2009, the FASB issued Accounting Standards Update (ASU) No. 2009-17, "Consolidation of Variable Interest Entities" (ASC 810-10). The update requires ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity. It also eliminates the quantitative approach previously required for determining the primary beneficiary of a variable interest entity. The update is effective for annual and interim reporting periods in fiscal years beginning after December 15, 2009 (the Company's fiscal year 2011). The adoption of this update has had no effect on our financial statements or results of operations.

In January, 2010, the FASB issued Accounting Standards Update (ASU) No. 2010-06, "Improving Disclosure about Fair Value Measurements" (ASC 820-10). This ASU will add new requirements for disclosures into and out of Levels 1 and 2 fair value measurements and information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair value measurements. It also clarifies existing fair value disclosures about the level of disaggregation, inputs and valuation techniques. The guidance in the ASU is effective for annual and interim reporting periods in fiscal years beginning after December 15, 2010 (the Company's fiscal year 2012). We do not anticipate that the adoption of the new guidance will have any effect on our financial statements or results of operations.

There have been no other significant changes in the Company's critical accounting policies and estimates during the nine months ended June 30, 2011 as compared to what was previously disclosed in the Company's Form 10-K for the year ended September 30, 2010 as filed with the SEC on December 3, 2010.