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Accounting Guidance Not Yet Adopted
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12 Months Ended |
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Feb. 28, 2014
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| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| ACCOUNTING GUIDANCE NOT YET ADOPTED |
ACCOUNTING GUIDANCE NOT YET ADOPTED:
Liabilities –
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2014. In addition, this guidance requires retrospective application. The adoption of this guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements.
Foreign currency translation –
In March 2013, the FASB issued amended guidance to clarify the applicable guidance for the release of foreign currency cumulative translation adjustments under generally accepted accounting principles in the U.S. The amended guidance clarifies when cumulative translation adjustments should be released into net income in connection with (i) the loss of a controlling financial interest in a subsidiary or group of assets within a foreign entity or (ii) the partial sale of an equity method investment that is a foreign entity. The amended guidance also clarifies the types of events that result in the sale of an investment in a foreign entity. The Company is required to adopt this amended guidance for its annual and interim periods beginning March 1, 2014. The adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements.
Income taxes –
In July 2013, the FASB issued amended guidance to clarify the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists as of the reporting date. The Company is required to adopt this amended guidance for its annual and interim periods beginning March 1, 2014. The adoption of this amended guidance on March 1, 2014, did not have a material impact on the Company’s consolidated financial statements.
Discontinued operations –
In April 2014, the FASB issued amended guidance regarding the definition and disclosure of discontinued operations. Under the amended guidance, a disposal of a component of an entity (or a group of components) is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when certain criteria are met. The Company is required to adopt this guidance for its annual and interim periods beginning March 1, 2015. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.
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