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New Accounting Pronouncements
9 Months Ended
Oct. 31, 2011
New Accounting Pronouncements [Abstract]  
New Accounting Pronouncements

3. New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued an update to Accounting Standards Codification (“ASC”) 820, Fair Value Measurements. This Accounting Standards Update (“ASU”) clarifies the application of certain fair value measurement requirements and requires, among other things, expanded disclosures for Level 3 fair value measurements and the categorization by level for items for which fair value is required to be disclosed in accordance with ASC 825, Financial Instruments. The guidance will be applied prospectively and is effective for the Company for interim and annual periods beginning on February 1, 2012. Early adoption is not permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated condensed financial statements.

In June 2011, the FASB issued an update to ASC 220, Presentation of Comprehensive Income. This ASU provides that an entity that reports items of other comprehensive income has the option to present comprehensive income in either (i) a single statement that presents the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income; or (it) a two-statement approach which presents the components of net income and total net income in a first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income. The option in current GAAP that permits the presentation of other comprehensive income in the statement of changes in equity was eliminated. Per the ASU, the guidance will be applied retrospectively and is effective for the Company for interim and annual periods beginning on February 1, 2012, with early adoption permitted. However, subsequent to the issuance of this ASU, the FASB issued a notice that it will discuss at a future meeting whether to delay the effective date of certain provisions in this ASU related to the presentation of reclassification adjustments. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated condensed financial statements.

In September 2011, the FASB issued an update to ASC 350, Intangibles - Goodwill and Other. This ASU amends current goodwill impairment testing guidance by providing entities with an option to 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 amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The ASU will become effective for the Company’s interim and annual goodwill impairment tests performed for the Company’s fiscal years beginning on February 1, 2012; however, early adoption is permitted. This guidance is not expected to have a material impact on the Company’s consolidated condensed financial statements.