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RECENTLY ISSUED ACCOUNTING STANDARDS
12 Months Ended
Jan. 31, 2015
RECENTLY ISSUED ACCOUNTING STANDARDS  
RECENTLY ISSUED ACCOUNTING STANDARDS

18.RECENTLY ISSUED ACCOUNTING STANDARDS

 

In May 2014, FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company in the first quarter of its fiscal year ending January 27, 2018. Early adoption is not permitted.  The Company is currently in the process of evaluating the effect of adoption of this ASU on the Consolidated Financial Statements.