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Note 11 - Accounting Pronouncements
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9 Months Ended |
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Jun. 30, 2011
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| New Accounting Pronouncement or Change in Accounting Principle, Description |
Note
11. Accounting Pronouncements
New
Accounting Pronouncements
In
April 2009, the FASB issued ASC No. 820-10-35, Fair Value
Measurements and Disclosures – Subsequent Measurement,
which discusses the provisions related to the determination
of fair value when the volume and level of activity for the
asset or liability have significantly decreased. Based on the
guidance in ASC No. 820-10-35, if an entity determines that
the level of activity for an asset or liability has
significantly decreased and that a transaction is not
orderly, further analysis of transactions or quoted prices is
needed, and a significant adjustment to the transaction or
quoted prices may be necessary to estimate fair value. The
guidance in ASC No. 820-10-35 is to be applied prospectively
and is effective for interim and annual periods ending after
June 15, 2009 with early adoption permitted for periods
ending after March 15, 2009. Our adoption of this guidance
had no impact on our financial statements.
In
May 2011, the FASB issued Accounting Standards Update (ASU)
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. 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 4 below). ASU 2011-04 is effective for us in our
first 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.
In
June 2011, the FASB issued ASU No. 2011-05,
Comprehensive Income (Topic 220)—Presentation of
Comprehensive Income,
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 2012 and should be applied retrospectively. We are
currently evaluating the impact of our pending adoption of
ASU 2011-05 on our
consolidated financial statements.
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