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Note 3 - Recent Accounting Pronouncements
 9 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
3. RECENT ACCOUNTING PRONOUNCEMENTS
 
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09,
Revenue from Contracts with Customers
(“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. In April 2015, the FASB voted to propose a deferral of the effective date of the new standard by one year. On July 9, 2015, this deferral was approved by the FASB. The final ASU would permit public entities to apply the new revenue standard to interim and annual reporting periods beginning after December 15, 2017. The Company is evaluating the effect that ASU 2014-09 will have, if any, on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.
 
In June 2014, the FASB issued ASU No. 2014-12,
Compensation – Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved
after the Requisite Service Period
.
The guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. The guidance will be effective for the Company in the fiscal quarter beginning January 1, 2016, and early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its consolidated financial statements and related disclosures.
 
In August 2014, the FASB issued ASU No. 2014-15,
Presentation of Financial Statements – Going Concern
(subtopic 205-40). The guidance requires disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The guidance will be effective for the Company in the fiscal quarter beginning January 1, 2017. The Company is currently evaluating the impact of this guidance, if any, on its consolidated financial statements and related disclosures.
 
In July 2015, the FASB issued ASU No. 2015-11,
Inventory (Topic 330):
Simplifying the Measurement of Inventory
(“ASU 2015-11”). The guidance requires an entity to measure inventory at the lower of cost or net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation, rather than the lower of cost or market in the previous guidance. This amendment applies to inventory that is measured using first-in, first-out (FIFO). This amendment is effective for public entities for fiscal years beginning after December 15, 2016, including interim periods within those years. A reporting entity should apply the amendments prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of this guidance, if any, on its consolidated financial statements and related disclosures.