Note 3 - Recent Accounting Pronouncements |
12 Months Ended |
|---|---|
Oct. 03, 2026 | |
| Notes to Financial Statements | |
| Accounting Standards Update and Change in Accounting Principle [Text Block] |
(3) Recent Accounting Pronouncements
Current Adoptions
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 became effective for us in fiscal 2026 for annual reporting. Retrospective application is permitted for all prior periods presented in the financial statements. We adopted ASU No. 2023-09 retrospectively in fiscal 2026. The adoption resulted in expanded income tax disclosures but did not affect the recognition or measurement of income taxes and had no impact on our consolidated balance sheet, results of operations or cash flows. See Note 10 for the required disclosures.
Future Adoptions
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. ASU No. 2024-03 does not change or remove existing expense disclosure requirements but requires disaggregated disclosures about certain expense categories and captions, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. ASU No. 2024-03 will become effective for us in fiscal 2028 for annual reporting and in the first quarter of fiscal 2029 for interim reporting. Retrospective application is permitted. We are currently evaluating the impact of the ASU on our disclosures within the consolidated financial statements. |