New Accounting Standards

9 Months Ended

Jul. 31, 2011

New Accounting Standards [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

New Accounting Standards

During fiscal 2011, several new accounting standards became effective for the Company. These new standards are included in the following topics of the FASB ASC: Topic 310, “Receivables” , Topic 605 “Revenue Recognition” and Topic 220 "Comprehensive Income". The first two standards were adopted in the first quarter of fiscal 2011 and the changes did not have a material effect on the Company’s condensed consolidated financial statements. The last standard, "Comprehensive Income", becomes effective for fiscal years beginning after December 15, 2011 which for the Company would be the first quarter ended January 31, 2012. This standard requires that other comprehensive income be presented as either a separate statement, or as an addition to the statement of income and prohibits the presentation of other comprehensive income in the statement of shareholders' equity. As the Company has historically presented other comprehensive income as part of the statement of shareholders' equity, the Company will have to retroactively restate its financial statements for this change upon adoption of this accounting standard.