Changes in Accounting

12 Months Ended

Jun. 30, 2012

Changes in Accounting [Abstract]

Changes in Accounting

2. CHANGES IN ACCOUNTING

Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” This update amended ASC 820, “Fair Value Measurement” to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRSs.In addition, the update explained how to measure fair value, but did not require additional fair value measurements and was not intended to establish valuation standards or affect valuation practices outside of financial reporting.This update was effective for interim reporting periods ending after December 15, 2011, which was the third quarter of fiscal 2012 for Sysco.The amendments in this update were to be applied prospectively and early application of this standard was not permitted.The adoption of this standard did not have a material impact on the company’s consolidated financial statements. The required additional disclosures are included in Note 4, “Fair Value Measurements.”

Presentation of Comprehensive Income

In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income.” This update amended ASC 220, “Comprehensive Income” to eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity.The amendments required that all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.The amendments in this update did not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.The amendments in this update were effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, which would be fiscal 2013 for Sysco.The amendments in this update were to be applied retrospectively and early application was permitted.The company early adopted the applicable provisions of this update in the fourth quarter of fiscal 2012; however, all provisions included in the update were not adopted due to the issuance of ASU 2011-12, “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.” ASU 2011-12 indefinitely deferred the provision of ASU 2011-05 that required entities to present reclassification adjustments out of accumulated other comprehensive income by component in the statement of net income. The adoption of this update resulted in the addition of the Consolidated Statements of Comprehensive Income in the company’s consolidated financial statements.

Disclosures About an Employer’s Participation in a Multiemployer Plan

In September 2011, the FASB issued ASU 2011-09, “Disclosures about an Employer’s Participation in a Multiemployer Plan.”This update amends ASC 715-80, “Compensation—Retirement Benefits—Multiemployer Plans” to require additional disclosures about an employer’s participation in a multiemployer pension plan including additional information about the plans, the level of an employer’s participation in the plans and the financial health of significant plans. This update does not change the accounting for multiemployer pension plans.The amendments in this update are effective for fiscal years ending after December 15, 2011.The required additional disclosures are included in Note 14, “Multiemployer Employee Benefit Plans.”