Condensed Consolidated Financial Statements (Policies)

3 Months Ended

Mar. 31, 2013

Condensed Consolidated Financial Statements

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of MOCON, Inc. and its wholly-owned subsidiaries (collectively the Company).  All material intercompany balances and transactions have been eliminated in consolidation.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Offsetting Assets and Liabilities Disclosures

On January 1, 2013, the Company adopted the FASB issued updated accounting guidance on disclosures about offsetting assets and liabilities.  This update adds certain additional disclosure requirements about financial instruments and derivative instruments that are subject to netting arrangements.  Adoption of this guidance did not have an impact on our consolidated financial statements.

Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

On January 1, 2013, the Company adopted the FASB issued disclosure requirements with respect to changes in accumulated other comprehensive income (AOCI). Under this new guidance, companies will be required to disclose the amount of income (or loss) reclassified out of AOCI to each respective line item on the statements of income where net income is presented on either the face of the financial statements or within the footnotes.  The provisions of the guidance are to be applied prospectively for reporting periods beginning after December 15, 2012. The Company has elected to disclose the reclassification in the notes to the financial statements, see Note 7.  Adoption of this guidance did not have an impact on our consolidated financial statements.