Adoption of New Accounting Standard

3 Months Ended

May 31, 2012

(6)

Adoption of New Accounting Standard In May 2012, MSC adopted the provisions of the Financial Accounting Standards Board Accounting Standards Update (“ASU”) No. 2011-05, Comprehensive Income (Topic 220), “Presentation of Comprehensive Income in U.S. GAAP.” This ASU requires that comprehensive income and the related components of net income and of other comprehensive income be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements. The ASU also requires reclassification adjustments from other comprehensive income to net income be presented on the face of the financial statements. MSC has chosen to use two consecutive statements to comply with the ASU. There was no impact to the condensed consolidated statements of operations, balance sheets or cash flows from adoption of the ASU.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

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