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New Accounting Pronouncements
9 Months Ended
Jun. 28, 2014
New Accounting Pronouncements [Abstract]  
New Accounting Pronouncements

B. NEW ACCOUNTING PRONOUNCEMENTS

 

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08).  ASU 2014-08 is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or are expected to have a major impact on an entity’s operations and financial results.  Such a shift could include the disposal of a major line of business, a major geographical area, a major equity method of investment or other major parts of the entity.  ASU 2014-08 also permits companies to have continuing cash flows and significant continuing involvement with the disposed component.  ASU 2014-08 requires expanded disclosures for discontinued operations and new disclosures for individually material disposals that do not meet the definition of a discontinued operation.  The Company has early adopted ASU effective June 28, 2014.  ASU 2014-08 did not have a material impact on the Company’s financial position or results of operations.