Note 2 - Recent Accounting Pronouncements
|6 Months Ended|
Aug. 12, 2012
|New Accounting Pronouncement or Change in Accounting Principle, Description||
NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS
ASU 2011-08 September, 2011 – Topic 350 “Intangibles – Goodwill and Other”
This update simplifies the previous two step process for goodwill impairment testing by allowing a qualitative analysis to determine if it is more likely than not that an impairment exists before being required to complete the two step impairment calculation. This update is effective for interim and annual periods beginning after December 15, 2011. The Company has determined that the changes to the accounting standards required by this update do not have a material effect on the Company’s financial position or results of operations.
ASU 2012-02 July 2012 Intangibles - Topic 350 “Testing Indefinite Lived Assets for Impairment”
This update allows companies to consider qualitative values in determining whether or not indefinite lived assets should be tested for impairment. If it is more likely than not that an impairment exists, testing for impairment should be performed. The update is effective for fiscal years beginning after September 15, 2012 but early adoption is permitted. The Company has chosen to adopt the provisions of this update immediately and management believes that the update will not have a material effect on the financial position or results of operations of the Company.
Disclosure related to a new accounting pronouncement or a change in accounting principle, including the nature and reason for the change and the effect of the change on prior periods and the current period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef