New Accounting Pronouncements

9 Months Ended

May. 31, 2015

New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

Note 2 – New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (the “ASU”). The ASU provides a single model for revenue arising from contracts with customers and supersedes current revenue recognition guidance.  The ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services.  The ASU will replace existing revenue recognition guidance in U.S. GAAP when it becomes effective.  The effective date for the ASU will be the first quarter of fiscal year 2018.  Early adoption is not permitted.  The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment.  The Company is currently evaluating the impact the adoption will have on its condensed consolidated financial statements and related disclosures.  The Company has not yet selected a transition method, nor has it determined the effect of the ASU on its ongoing financial reporting.