Recent Accounting Pronouncements	9 Months Ended
Feb. 28, 2013
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note B – Recent Accounting Pronouncements In February 2013, the FASB issued Accounting Standards Update (ASU) 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain that objective by requiring an entity to report the effect of significant reclassification out of accumulated other comprehensive income on the respective line items in net income of the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet instead of directly to income or expense in the same reporting period. This update is effective for annual reporting periods beginning on or after December 15, 2012. Management does not expect this update to have a material effect on the Company’s financial statements. In January 2013, the FASB issued Accounting Standards Update 2013-01, “Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. The ASU clarifies that ordinary trade receivables and receivables are not in the scope of ASU 2011-11. This update is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within that fiscal year. Management does not expect this update to have a material effect on the Company’s financial statements. In December 2011, the FASB issued Accounting Standards Update 2011-12, “Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05”. The object of this Update is to defer only those changes in ASU No. 2011-05 that relate to the presentation of reclassifications adjustments. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements. In December 2011, the FASB issued Accounting Standards Update 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. The differences in the requirements for offsetting assets and liabilities in the presentation of financial statements prepared in accordance with U.S. GAAP and financial statements prepared in accordance with International Financial Reporting Standards (IFRS) makes the comparability of those statements difficult. The objective of this Update is to facilitate comparison between those financial statements, specifically within the scope instruments and transaction eligible for offset in the form of derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. This update is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within that fiscal year. Management does not expect this update to have a material effect on the Company’s financial statements. In June 2011, the FASB issued Accounting Standards Update 2011-05, “Comprehensive Income: Presentation of Comprehensive Income”. The object of this Update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements. In May 2011, the FASB issued Accounting Standards Update 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The amendments in this Update will improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements. In October 2010, the FASB issued Accounting Standards Update 2010-26, “Financial Services – Insurance: Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts”. This FASB is intended to specify costs incurred in the acquisition of new and renewal contracts that should be capitalized as deferred acquisition costs and amortized over time using amortization methods dependent upon the nature of the underlying insurance contract. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements.

Recent Accounting Pronouncements

9 Months Ended

Feb. 28, 2013

Note B – Recent Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (ASU) 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain that objective by requiring an entity to report the effect of significant reclassification out of accumulated other comprehensive income on the respective line items in net income of the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet instead of directly to income or expense in the same reporting period. This update is effective for annual reporting periods beginning on or after December 15, 2012. Management does not expect this update to have a material effect on the Company’s financial statements.

In January 2013, the FASB issued Accounting Standards Update 2013-01, “Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. The ASU clarifies that ordinary trade receivables and receivables are not in the scope of ASU 2011-11. This update is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within that fiscal year. Management does not expect this update to have a material effect on the Company’s financial statements.

In December 2011, the FASB issued Accounting Standards Update 2011-12, “Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05”. The object of this Update is to defer only those changes in ASU No. 2011-05 that relate to the presentation of reclassifications adjustments. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements.

In December 2011, the FASB issued Accounting Standards Update 2011-11, “Balance Sheet: Disclosures about Offsetting Assets and Liabilities”. The differences in the requirements for offsetting assets and liabilities in the presentation of financial statements prepared in accordance with U.S. GAAP and financial statements prepared in accordance with International Financial Reporting Standards (IFRS) makes the comparability of those statements difficult. The objective of this Update is to facilitate comparison between those financial statements, specifically within the scope instruments and transaction eligible for offset in the form of derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. This update is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within that fiscal year. Management does not expect this update to have a material effect on the Company’s financial statements.

In June 2011, the FASB issued Accounting Standards Update 2011-05, “Comprehensive Income: Presentation of Comprehensive Income”. The object of this Update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements.

In May 2011, the FASB issued Accounting Standards Update 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The amendments in this Update will improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements.

In October 2010, the FASB issued Accounting Standards Update 2010-26, “Financial Services – Insurance: Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts”. This FASB is intended to specify costs incurred in the acquisition of new and renewal contracts that should be capitalized as deferred acquisition costs and amortized over time using amortization methods dependent upon the nature of the underlying insurance contract. This update is effective for annual reporting periods beginning on or after December 15, 2011 and interim periods within that fiscal year. This update did not have a material effect on the Company’s financial statements.