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Recently Issued Accounting Pronouncements Affecting the Company
 6 Months Ended
Mar. 31, 2012
Recently Issued Accounting Pronouncements Affecting the Company  
Recently Issued Accounting Pronouncements Affecting the Company

(8) Recently Issued Accounting Pronouncements Affecting the Company

 

In May 2011, the FASB amended existing guidance on fair value measurements to clarify certain disclosure requirements and improve consistency with international reporting standards. This amendment is to be applied prospectively and is effective for the Company’s fiscal quarter ending March 31, 2012. The adoption of this guidance did not have a material effect on prospective financial statements.

 

The FASB amended existing guidance on reporting comprehensive income in June 2011 to require entities to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendment does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income under current accounting principles generally accepted in the United States of America. This guidance is effective for the Company’s fiscal quarter ending March 31, 2012 and its adoption did not have a material effect on the financial statements.

 

In August 2011, the FASB approved a revised accounting standard to simplify the testing of goodwill for impairment. The guidance permits an entity to first assess defined qualitative factors in determining whether it is necessary to perform the goodwill impairment test. The guidance is effective for annual and interim goodwill impairment tests for the Company’s fiscal year ending September 30, 2013. The Company is currently evaluating the prospective effects, if any, of adopting this guidance.