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New Accounting Pronouncements (Policies) | 3 Months Ended
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Nov. 30, 2017
New Accounting Guidance [Abstract] |
New Accounting Guidance | Recently Issued Accounting Guidance During fiscal year 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard which will supersede existing revenue recogni tion guidance under current U.S. GAAP. The new standard is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. The accounting standard is effective for the Company in the first quarter of fiscal year 201 9. Companies may use either a full retrospective or a modified retrospective approach to adopt this stan dard. The Company has determined that the new standard will result in a change to the timing of the Company's revenue recognition policy for certain customer contracts to an “over time” model as opposed to a “point in time” model upon delivery. Additiona lly, the Company anticipates the new standard will impact the Company's accounting for certain fulfillment costs, which include up-front costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such up-front costs would be recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of the goods to which the asset relates. The financial impacts of the new standard cannot be reasonably estimated at this time. The Compa ny is in the process of implementing changes to its processes, policies and internal controls to meet the impact of the new standard and disclosure requirements. The Company expects to adopt the new guidance under the modified retrospective approach. Dur ing fiscal year 2016, the FASB issued a new accounting standard to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This guidance is effective for the Company beginning in the first quarter of fisca l year 2019. Early application is permitted only for certain provisions, and the update must be applied by means of a cumulative-effect adjustment to the Consolidated B alance S heet as of the beginning of the fiscal year of adoption and applied prospectivel y to equity investments that exist as of the date of adoption of the standard. The Company is currently assessing the impact this new standard may have on its Consolidated Financial Statements. During fiscal year 2016, the FASB issued a new accounting standard revising lease accounting. The new guidance require s organizations to recognize lease assets and lease liabilities on the Consolidated Balance Sheet and disclose key information regarding l easing arrangements. This guidance is effective for the Company beginning in the first quarter of fiscal year 2020. E arly application of the new standard is permitted and the standard must be adopted using a modified retrospective approach. The adoption of this standar d will impact the Company’s Consolidated Balance Sheet. The Company is currently assessing any other impact s this new standard will have on its Consolidated Financial Statements. During fiscal year 2016, the FASB issued an accounting standard, which replac es the existing incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This guidance is effective for the Company beginning in the first quarter of fiscal year 2021 and early adoption is permitted beginning in the first quarter of fiscal year 2020. This guidance must be applied using a modified retrospective or prospective transition method, depending on the area covered by this accounting standard. The Company is currently assessing the impact this new standard may have on its Consolidated Financial Statements. During fiscal year 2016, the FASB issued a new accounting standard to address the presentat ion of certain transactions within the statement of cash flows with the objective of reducing the existing diversity in practice. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019 and early adoption is permitted. The Company is currently assessing the impact this new standard may have on its Co nsolidated Financial Statements. During fiscal year 2017, the FASB issued a new accounting standard to improve the accounting for the income tax consequences of intra-entit y transfers of assets other than inventory. The new standard eliminates the exception for an intra-entity transfer of an asset other than inventory and requires an entity to recognize the income tax consequences when the transfer occurs. This guidance is e ffective for the Company beginning in the first quarter of fiscal year 2019 and early adoption is permitted. This guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the be ginning of the period of adoption. The Company is currently assessing the impact this new standard may have on its Consolidated Financial Statements. During fiscal year 2017, the FASB issued a new accounting standard that clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is effective for the Company beginning in the first quarter of fiscal year 2 019 and will be applied on a prospective basis. E arly application is permitted for certain transactions. The impact on the Company’s Consolidated Financial Statements will depend on the facts and circumstances of an y specific future transactions. During f iscal year 2017, the FASB issued a new accounting standard t o simplify how an entity is required to test goodwill for impairment by eliminating the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of the current goodwill impairment test) to measure a goodwill impairment charge. Goodwill will be considered impaired when the carrying amount of a reporting unit that includes goodwill exceeds its fair value. This guidance is effective for the Company beginning in the first quarter of fi scal year 20 21, with early application permitted. The guidance will be applied on a prospective basis. The Company is currently assessing the impact this new standard may have on its Consolidated Financial Statements. During fiscal year 2017, the FASB iss ued a new accounting standard which clarifies the scope of accounting for asset derecognition and adds further guidance for recognizing gains and losses from the transfer of non-financial assets in contracts with non-customers. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019 coincident with the new revenue recognition guidance. The Company is currently assessing the impact this new standard may have on its Consolidated Financial Statements. During fiscal year 2017, the FASB issued a new accounting standard to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities by simplifying the application of hedge accounting and improving t he related disclosures in its financial statements. This guidance is effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. The guidance must be applied using a modified retrospective approach. The Comp any is currently assessing the impact this new standard may have on its Consolidated Financial Statements. Recently issued accounting guidance not discussed above is not applicable or did not have, or is not expected to have, a material impact to the Compa ny.

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