Quarterly report pursuant to Section 13 or 15(d)

Recently Issued Accounting Standard Updates

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Recently Issued Accounting Standard Updates
9 Months Ended
Oct. 31, 2011
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.
 
Goodwill Impairment Test
 
In September 2011, the FASB issued additional guidance on goodwill impairment testing. This guidance permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 with early adoption permitted. The Company will adopt the new guidance in the first quarter of fiscal 2012 starting on February 1, 2012. The Company anticipates that it will not have a material impact on our consolidated financial position or results of operations.