Recently Issued and Adopted Accounting Standards

3 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Recently Issued and Adopted Accounting Standards

(11) Recently Issued and Adopted Accounting Standards

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This update eliminates such disclosures as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and adds new disclosure requirements for Level 3 measurements. It is effective for fiscal years beginning after December 15, 2019 (the Company’s fiscal year 2021), with early adoption permitted for any eliminated or modified disclosures. The Company is currently evaluating the impact of adopting this update but does not expect it to have a material impact on the Company’s financial condition, results of operations, cash flows, or related disclosures.

See Note 5 for additional disclosure regarding the Company’s leases.