Recent Accounting Pronouncements |
9 Months Ended |
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Oct. 01, 2011 | |
| Recent Accounting Pronouncements [Abstract] | |
| Recent Accounting Pronouncements |
12) Recent Accounting Pronouncements
The Company’s management has reviewed recent accounting pronouncements issued through the date
of the issuance of financial statements.
In May 2011, the FASB issued ASU No. 2011-04, which updated the guidance in ASC Topic 820,
Fair Value Measurement. The amendments in this Update generally represent clarifications of Topic
820, but also include some instances where a particular principle or requirement for measuring fair
value or disclosing information about fair value measurements has changed. This Update results in
common principles and requirements for measuring fair value and for disclosing information about
fair value measurements in accordance with U.S. GAAP and International Financial Reporting
Standards. The amendments in this Update are to be applied prospectively. For public entities, the
amendments are effective during interim and annual periods beginning after December 15, 2011, and
early application is not permitted. This guidance will become effective for us in the first quarter
of 2012.The adoption of this guidance is not expected to have a material impact on our financial
position or results of operations.
In June 2011, the FASB issued ASU No. 2011-05, which updated the guidance in ASC Topic 220,
Comprehensive Income. Under the amendments in this Update, an entity has the option 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 both choices, an entity is required to present each
component of net income along with total net income, each component of other comprehensive income
along with a total for other comprehensive income, and a total amount for comprehensive income.
This Update eliminates the option to present the components of other comprehensive income as part
of the statement of changes in stockholders’ equity. The amendments in this Update do not change
the items that must be reported in other comprehensive income or when an item of other
comprehensive income must be reclassified to net income. The amendments in this Update should be
applied retrospectively. For public entities, the amendments are effective for fiscal years, and
interim periods within those years, beginning after December 15, 2011, and early application is
permitted. This guidance will become effective for us in the first quarter of 2012. The adoption of
this guidance is not expected to have a material impact on our financial position or results of
operations.
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