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Accounting Pronouncements
3 Months Ended
Nov. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS
In November 2015, the Financial Accounting Standards Board (“the FASB”) issued new accounting guidance that requires deferred tax assets and liabilities to be classified as noncurrent in the balance sheet. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods. Early application is permitted. The Company is currently evaluating the effects that the adoption of this guidance will have on its consolidated financial statements.
In May 2014, the FASB issued new accounting guidance that creates a single revenue recognition model, while clarifying the principles for recognizing revenue. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods, and the Company will adopt the new guidance on September 1, 2018. The Company is currently evaluating the effects, if any, that the adoption of this guidance will have on its consolidated financial statements.
No other new accounting pronouncements issued or with effective dates during fiscal 2016 had or are expected to have a material impact on the Company's consolidated financial statements.