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Note 2. Recent Accounting Pronouncements
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6 Months Ended |
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Jul. 01, 2012
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| New Accounting Pronouncements and Changes in Accounting Principles [Text Block] |
2.
Recent
accounting pronouncements
a) In
May 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 2011-04). 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. The adoption of ASU 2011-04 did not have an impact on
our consolidated financial statements.
b)
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. In December 2011, the FASB issued
ASU No. 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),
which defers the effective date of ASU 2011-05 only with
respect to reclassification adjustments out of accumulated
other comprehensive income. ASU 2011-05 as
amended by ASU 2011-12 is effective for us in our first
quarter of fiscal 2012 and has been applied
retrospectively. The adoption of ASU 2011-05 as amended by
ASU 2011-12 did not have an impact on our consolidated
financial statements.
c)
In
December 2011, the FASB issued ASU No. 2011-11,
“Balance Sheet” (Topic 210) – Disclosures
about Offsetting Assets and Liabilities (ASU 2011-12).The
amendments in this update require an entity that has
financial instruments and derivative instruments that are
either 1) offset in accordance with either Section
210-20-45 or Section 815-10-45 or 2) subject to an
enforceable master netting arrangement or similar
agreement, to disclose information about offsetting and
related arrangements. The amendments in this ASU will be
required for annual reporting periods beginning on or after
January 1, 2013, and interim periods within those annual
periods. Required disclosures should be presented
retrospectively for all comparative periods. We are
currently evaluating the impact of the adoption of ASU
2011-11 on our consolidated financial statements.
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