|
Recent Accounting Pronouncements
|
12 Months Ended |
|---|---|
|
Sep. 29, 2013
|
|
| New Accounting Pronouncements and Changes In Accounting Principles [Abstract] | |
| Recent Accounting Pronouncements |
Note 3 - Recent Accounting Pronouncements
In July 2013, FASB issued ASU 2013-11—Income Taxes (ASC Topic 740): “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)”. The amendments in this update provide explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. As such, Optex Systems Holdings is required to adopt these provisions at the beginning of the interim period ending March 30, 2014. Optex Systems Holdings is currently evaluating the impact of FASB ASU 2013-11 but does not expect the adoption thereof to have a material effect on Optex Systems Holdings’ financial statements.
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. |