XML 17 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recent Accounting Pronouncements
9 Months Ended
Nov. 30, 2012
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements

Note 3. – Recent Accounting Pronouncements

In September 2011, the FASB issued revised guidance FASB ASU 2011-08, “Intangibles – Goodwill and Other (Topic 350) - Testing Goodwill for Impairment” to allow entities to use a qualitative approach to test goodwill for impairment. The amendment permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted and the Company has chosen early adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In July 2012, the FASB issued revised guidance FASB ASU 2012-02, “Testing Indefinite Lived Assets for Impairment” to allow entities to consider qualitative values in determining whether or not indefinite lived assets should be tested for impairment. If it is more likely than not that impairment exists, testing for impairment should be performed. The update is effective for fiscal years beginning after September 15, 2012 but early adoption is permitted. Management believes that the adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.