|
Note 2 - Accounting Changes
|
6 Months Ended | ||
|---|---|---|---|
|
Jul. 03, 2011
|
|||
| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
Accounting
Changes
In
September 2009, the FASB issued ASU No. 2009-13,
“Multiple-Deliverable Revenue Arrangements—a
consensus of the FASB Emerging Issues Task Force” (ASU
2009-13). It updates the existing multiple-element revenue
arrangements guidance currently included under ASC 605,
“Revenue Recognition”. The revised guidance
primarily provides two significant changes: 1) eliminates the
need for objective and reliable evidence of the fair value
for the undelivered element in order for a delivered item to
be treated as a separate unit of accounting, and 2)
eliminates the residual method to allocate the arrangement
consideration. In addition, the guidance also expands the
disclosure requirements for revenue recognition. ASU 2009-13
is effective for the first annual reporting period beginning
on or after June 15, 2010, with early adoption permitted
provided that the revised guidance is retroactively applied
to the beginning of the year of adoption. The adoption of
this ASU did not have any impact on the Company’s
consolidated financial statements.
Recent
Accounting Pronouncements
In
April 2011, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update No. 2011-04, “Fair
Value Measurement” (Topic 820) — Amendments to
Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs (ASU 20111-04). The
amendments in this ASU change the wording used to describe
many of the requirements in U.S. GAAP for measuring fair
value and for disclosing information about fair value
measurements. For many of the requirements, the FASB does not
intend for the amendments in this ASU to result in a change
in the application of the requirements in Topic 820. Some of
the amendments clarify the FASB’s intent about the
application of existing fair value measurement requirements.
Other amendments change a particular principle or requirement
for measuring fair value or for disclosing information about
fair value measurements. The amendments in this ASU are to be
applied prospectively for interim and annual periods
beginning after December 15, 2011. We are currently
evaluating the impact of our pending adoption of ASU 2011-04
on our consolidated financial statements.
In
June 2011, the FASB issued ASU No. 2011-05,
“Comprehensive Income” (Topic 220) —
Presentation of Comprehensive Income (ASU 2011-05), to
require 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. ASU 2011-05 eliminates the option to
present the components of other comprehensive income as part
of the statement of equity. ASU 2011-05 is effective for us
in our first quarter of fiscal 2012 and will be applied
retrospectively. We are currently evaluating the impact of
our pending adoption of ASU 2011-05 on our consolidated
financial statements.
|