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New Accounting Pronouncements
 3 Months Ended
Nov. 30, 2012
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Pronouncements

Note 2 – New Accounting Pronouncements

 

Newly Adopted Accounting Standards

In June 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-05, Presentation of Comprehensive Income, which amends ASC 220, Comprehensive Income, by requiring all nonowner changes in shareholders’ equity be presented 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, which defers certain portions of ASU No. 2011-05 indefinitely and will be further deliberated by the FASB at a future date.  The Company adopted ASU No. 2011-05 in the fiscal quarter ended November 30, 2012 and elected to present nonowner changes in shareholders’ equity in two separate but consecutive statements.

 

New Accounting Standards Issued but not yet adopted

In December 2011, the FASB issued ASU No. 2011-11, Amendments to Disclosures about Offsetting Assets and Liabilities. The objective of ASU No. 2011-11 is to provide enhanced disclosures that will enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. This includes the effect or potential effect of rights of setoff associated with an entity’s recognized assets and recognized liabilities which include: derivatives, sale and repurchase agreements, reverse sale and repurchase agreements, securities borrowing, and securities lending arrangements. The guidance is effective for fiscal years beginning on or after January 1, 2013.  The Company does not expect the adoption of this standard to impact its consolidated financial statements.