Accounting Guidance Not Yet Adopted
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3 Months Ended |
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May 31, 2011
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Accounting Guidance Not Yet Adopted [Abstract] | |
ACCOUNTING GUIDANCE NOT YET ADOPTED |
18. ACCOUNTING GUIDANCE NOT YET ADOPTED:
Fair value measurement –
In May 2011, the FASB
issued amended guidance to achieve common fair value measurement and disclosure requirements under
U.S. GAAP and International Financial Reporting Standards. This amended guidance provides
clarification about the application of existing fair value measurement and disclosure requirements,
and expands certain other disclosure requirements. The Company is required to adopt this amended
guidance for its annual and interim periods beginning March 1, 2012. The Company does not expect
the adoption of this amended guidance to have a material impact on the Company’s consolidated
financial statements.
Presentation of comprehensive income –
In June 2011, the FASB issued amended
guidance requiring an entity to present the total of comprehensive income, the components of net
income, and the components of other comprehensive income either in a single continuous statement of
comprehensive income or in two separate but consecutive statements. This amended guidance
eliminates the option to present the components of other comprehensive income as part of the
statement of stockholders’ equity. In addition, this amended guidance requires retrospective
application. The Company is required to adopt this amended guidance for its annual and interim
periods beginning March 1, 2012. The Company does not expect the adoption of this amended guidance
to have a material impact on the Company’s consolidated financial statements.
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