Note 2 - Recent Accounting Pronouncements

6 Months Ended

Aug. 14, 2011

New Accounting Pronouncement or Change in Accounting Principle, Description

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

ASU 2011-04 May, 2011 - Topic 820 “Fair Value Measurement”

This update creates comparability in fair value measurement between GAAP and IFRS.  The update enhances the disclosures required for entities presenting assets at fair value.  This update is effective for interim and annual periods beginning after December 15, 2011.  The Company has determined that the changes to the accounting standards required by this update do not have a material effect on the Company’s financial position or results of operations.

ASU 2011-05 June, 2011 - Topic 220 “Comprehensive Income”

This update facilitates the convergence of GAAP and IFRS by eliminating certain options for presenting comprehensive income that are inconsistent with IFRS.   This update is effective for interim and annual periods beginning after December 15, 2011.  The Company has determined that the changes to the accounting standards required by this update do not have a material effect on the Company’s financial position or results of operations.