Note 13 - New Accounting Standards

12 Months Ended

Feb. 26, 2012

Significant Accounting Policies [Text Block]

NOTE 13.  NEW ACCOUNTING STANDARDS

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 will 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 will not have a material effect on the Company’s financial position or results of operations.

ASU 2011-08 September, 2011 – Topic 350 “Intangibles – Goodwill and Other”

This update simplifies the previous two step process for goodwill impairment testing by allowing a qualitative analysis to determine if it is more likely than not that an impairment exists before being required to complete the two step impairment calculation.  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 will not have a material effect on the Company’s financial position or results of operations.