Note 3 - New Accounting Pronouncements |
3 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
NOTE
3 - NEW ACCOUNTING PRONOUNCEMENTS:
In
September 2011, the Financial Accounting Standards Board
(FASB) issued Accounting Standards Update No. 2011-08,
Intangibles—Goodwill
and Other (Topic 350)—Testing Goodwill for
Impairment (ASU 2011-08), to allow entities to
use a qualitative approach to test goodwill for impairment.
ASU 2011-08 permits an entity to first perform a
qualitative assessment to determine whether it is more
likely than not that the fair value of a reporting unit is
less than its carrying value. If it is concluded that this
is the case, it is necessary to perform the currently
prescribed two-step goodwill impairment test. Otherwise,
the two-step goodwill impairment test is not required. ASU
2011-08 is effective for us in fiscal 2013 and earlier
adoption is permitted. We are currently evaluating the
impact of our pending adoption of ASU 2011-08 on our
consolidated financial statements.
In June
2011, the FASB issued Accounting Standards Update
No. 2011-05, Comprehensive
Income (Topic 220)—Presentation of Comprehensive
Income (ASU
2011-05), to require an entity to present the total of
comprehensive income, the components of net income, and the
components of other comprehensive income either in a single
continuous statement of comprehensive income or in two
separate but consecutive statements. ASU 2011-05 eliminates
the option to present the components of other comprehensive
income as part of the statement of equity. ASU 2011-05 is
effective for us in our first quarter of fiscal 2013 and
should be applied retrospectively. We are currently
evaluating the impact of our pending adoption of ASU 2011-05
on our consolidated financial statements.
In May
2011, the FASB issued Accounting Standards Update
No. 2011-04, Amendments
to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and International Financial
Reporting Standards (Topic 820)—Fair Value
Measurement (ASU
2011-04), to provide a consistent definition of fair value
and ensure that the fair value measurement and disclosure
requirements are similar between U.S. Generally Accepted
Accounting Principles (GAAP) and International Financial
Reporting Standards. ASU 2011-04 changes certain fair value
measurement principles and enhances the disclosure
requirements particularly for Level 3 fair value measurements
(as defined in Note 3 below). ASU 2011-04 is effective for us
in our fourth quarter of fiscal 2012 and should be applied
prospectively. We are currently evaluating the impact of our
pending adoption of ASU 2011-04 on our consolidated financial
statements.
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