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Note 10 - Accounting Pronouncements
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3 Months Ended |
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Dec. 31, 2011
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| New Accounting Pronouncement or Change in Accounting Principle, Description |
Note
10. Accounting Pronouncements
Recent Accounting
Pronouncements:
In
May 2011, the Financial Accounting Standards Board (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 for level 3 fair
value measurements. ASU 2011-04 is effective for us in our
first quarter of fiscal 2012 and should be applied
prospectively. Our adoption of ASU 2011-04 became effective
the first quarter of fiscal 2012 and had no material impact
on our 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 beginning after December 15, 2012 and should
be applied retrospectively.
In
September 2011, the FASB issued ASU No. 2011-08, Intangibles-Goodwill
and Other (Topic 350)—Testing Goodwill for
Impairment, which is intended to simplify how entities
test for goodwill impairment by permitting an
entity the option of performing a qualitative assessment to
determine whether further impairment testing is necessary.
The standard will be effective for annual and interim
goodwill impairments tests for fiscal years beginning after
December 15, 2011. Our adoption of ASU 2011-08 became
effective the first quarter of fiscal 2012 and had no
material impact on our financial statements.
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