Accounting Changes and Error Corrections

3 Months Ended

Oct. 31, 2012

Accounting Changes and Error Corrections:

Accounting Changes and Error Corrections

New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2011-5, Presentation of Comprehensive Income, was effective for the current year, but the guidance, which required companies to present net income and comprehensive income in one continuous statement or two consecutive statements, had no impact on the Company’s financial statements.

                The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.