XML 21 R9.htm IDEA: XBRL DOCUMENT v3.20.4
Note 3 - Recent Accounting Pronouncements
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]
3.
RECENT ACCOUNTING PRONOUNCEMENTS
 
New pronouncements pending adoption
 
In
June 2016,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No.
2016
-
13,
Measurement of Credit Losses on Financial Instruments
, which supersedes current guidance by requiring recognition of credit losses when it is probable that a loss has been incurred. The new standard requires the establishment of an allowance for estimated credit losses on financial assets including trade and other receivables at each reporting date. The new standard will result in earlier recognition of allowances for losses on trade and other receivables and other contractual rights to receive cash. In
November 2019,
the FASB issued ASU
No.
2019
-
10,
Financial Instruments – Credit Losses (Topic
326
), Derivatives and Hedging (Topic
815
) and Leases (Topic
842
)
, which extends the effective date of Topic
326
for certain companies until fiscal years beginning after
December 15, 2022.
The new standard will be effective for the Company in the
first
quarter of fiscal year beginning
October 1, 2023,
and early adoption is permitted. The Company has
not
completed its review of the impact of this standard on its consolidated financial statements. However, based on the Company's history of immaterial credit losses from trade receivables, management does
not
expect that the adoption of this standard will have a material effect on the Company's consolidated financial statements.
 
New pronouncements adopted
 
In 
August 2018
, 
the FASB issued ASU 
No.
2018
-
13,
 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which improves fair value disclosure requirements by removing disclosures that are 
not
 cost beneficial, clarifying disclosures' specific requirements and adding relevant disclosure requirements
. 
The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 
3
 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The new guidance is effective for all entities for fiscal years beginning after
December 15, 2019,
and interim periods within those fiscal years. The Company adopted ASU
No.
2018
-
13
on
October 1, 2020,
with
no
impact to the condensed consolidated financial statements.