Quarterly report pursuant to Section 13 or 15(d)

Recently Adopted Accounting Guidance

v3.2.0.727
Recently Adopted Accounting Guidance
3 Months Ended
Jul. 31, 2015
Accounting Changes and Error Corrections [Abstract]  
Recently Adopted Accounting Guidance

(11) Recently Adopted Accounting Guidance

 

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers”.  The purpose of this new standard is to clarify the principles for recognizing revenue so that it can be applied consistently across various transactions, industries and capital markets.  We have not completed our assessment of ASU No. 2014-09.

 

We have evaluated the other recent accounting pronouncements through ASU 2015-15 and believe that none of them will have a material effect on our financial statements.