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Recent Accounting Pronouncements
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12 Months Ended |
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Sep. 30, 2012
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| New Accounting Pronouncements and Changes In Accounting Principles [Abstract] | |
| New Accounting Pronouncements and Changes in Accounting Principles [Text Block] |
Note 3 - Recent Accounting Pronouncements
In April 2011, FASB issued ASC 820 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” which describe and clarify many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value. The amendments in this update result in common fair value measurement and disclosure requirements in U.S. GAAP and IFRS. FASB ASC 820 is effective for financial statements of public entities that are issued for fiscal years and interim periods beginning after December 15, 2011. As such, Optex Systems Holdings adopted these provisions at the beginning of the interim period ending April 1, 2012. Adoption of FASB ASC 820 did not have a material effect on Optex Systems Holding’s financial statements. |
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- Definition
The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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