Quarterly report pursuant to Section 13 or 15(d)

New Accounting Standards

v3.23.1
New Accounting Standards
 6 Months Ended
Apr. 01, 2023
New Accounting Standards [Abstract]  
New Accounting Standards
Note C—New Accounting Standards
 
Standards Not Yet Adopted
 
In June 2016, the FASB
 
issued ASU No. 2016-13,
Financial Instruments - Credit Losses
 
(Topic 326):
 
Measurement of Credit
 
Losses on Financial Instruments
(“ASU
2016-13”), which requires an entity to assess impairment of its financial instruments
 
based on the entity's estimate of expected credit losses. Since the
 
issuance of ASU
2016-13, the FASB released several amendments
 
to improve and clarify
 
the implementation guidance. These
 
standards have been collectively
 
codified within ASC Topic
326,
Credit Losses
(“ASC 326”). As a smaller reporting company as defined by
 
the SEC, the provisions of ASC 326 are effective
 
as of the beginning of our fiscal year
2024. We are currently evaluating the impacts of the provisions of ASC 326 on our financial condition,
 
results of operations, cash flows, and disclosures.