Recently Issued Accounting Standard Updates
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6 Months Ended |
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Jul. 31, 2011
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Recently Issued Accounting Standard Updates |
16. Recently Issued Accounting Standard Updates
Fair Value Measurement
In
May 2011, the FASB issued amended guidance clarifying how to
measure and disclose fair value. This guidance amends the
application of the “highest and best use” concept to be
used only in the measurement of the fair value of nonfinancial
assets, clarifies that the measurement of the fair value of
equity-classified financial instruments should be performed from
the perspective of a market participant who holds the instrument as
an asset, clarifies that an entity that manages a group of
financial assets and liabilities on the basis of its net risk
exposure to those risks can measure those financial instruments on
the basis of its net exposure to those risks, and clarifies when
premiums and discounts should be taken into account when measuring
fair value. The fair value disclosure requirements also were
amended. These provisions are effective for reporting periods
beginning on or after December 15, 2011 applied prospectively.
Early application is not permitted. The Company is currently
reviewing what effect, if any, this new provision will have on its
Consolidated Financial Statements.
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