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Note 8 - New Accounting Pronouncements and Policies
 3 Months Ended
Dec. 24, 2022
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

Note 8

New Accounting Pronouncements and Policies

 

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which changes the impairment model used to measure credit losses for most financial assets. We are required to recognize an allowance that reflects the Company’s current estimate of credit losses expected to be incurred over the life of the financial asset, including trade receivables and held-to-maturity debt securities.

 

The Company adopted this guidance in the first quarter of Fiscal 2021 using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company’s Consolidated Financial Statements.