Quarterly report pursuant to Section 13 or 15(d)

New Accounting Pronouncements

New Accounting Pronouncements
6 Months Ended
Mar. 31, 2021
New Accounting Pronouncements  
3. New Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted


Current Expected Credit Losses Model. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“ASC 326”), authoritative guidance amending how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance requires the application of a current expected credit loss model, which is a new impairment model based on expected losses. The new guidance is effective for interim and annual reporting periods beginning after December 15, 2022. The Company has not yet determined the impact of the new guidance on its consolidated financial statements and related disclosures.


No other recent accounting pronouncements were issued by FASB and the SEC that are believed by management to have a material impact on the Company’s present or future financial statements.