|
Recently Issued Accounting Standards
|
6 Months Ended |
|---|---|
|
Jul. 02, 2011
|
|
| Recently Issued Accounting Standards [Abstract] | Ìý |
| Recently Issued Accounting Standards |
Note O — Recently Issued Accounting Standards
ÌýÌýÌýÌýÌýIn JuneÌý2011, the FASB issued an update to their accounting guidance regarding other comprehensive income which requires that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements of income and comprehensive income. The guidance provided by this update becomes effective for ÂÒÂ×°ÍÊ¿ in the first quarter of fiscal 2012. ÂÒÂ×°ÍÊ¿ does not expect that the adoption of this guidance will have a material effect onÌýthe financial statements.
In MayÌý2011, the FASB issued an update to their authoritative guidance regarding fair value measurements and related disclosures. Additional disclosure requirements in the update include: (1)Ìýfor Level 3 fair value measurements, quantitative information about unobservable inputs used, a description of the valuation processes used, and a qualitative discussion about the sensitivity of the measurements to changes in the unobservable inputs; (2)Ìýfor the use of a nonfinancial asset that is different from the asset's highest and best use, the reason for the difference; (3)Ìýfor financial instruments not measured at fair value but for which disclosure of fair value is required, the fair value hierarchy level in which the fair value measurements were determined; and (4)Ìýthe disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy. This guidance will be effective in the first quarter of fiscal 2012, and will be applied on a prospective basis. ÂÒÂ×°ÍÊ¿ is currently evaluating the impact onÌýthe financial statements.
|