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Note 14 Recent Accounting Pronouncements and Developments
 3 Months Ended
Mar. 30, 2014
Accounting Changes and Error Corrections [Abstract]  
Note 14 Recent Accounting Pronouncements and Developments

 

14.RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS

 

In April 2014, the Financial Accounting Standards Board (FASB) issued authoritative guidance amending existing requirements for reporting discontinued operations. Under the new guidance, discontinued operations reporting will be limited to disposal transactions that represent strategic shifts having a major effect on operations and financial results. The amended guidance also enhances disclosures and requires assets and liabilities of a discontinued operation to be classified as such for all periods presented in the financial statements. Public entities will apply the amended guidance prospectively to all disposals occurring within annual periods beginning on or after December 15, 2014 and interim periods within those years. The Company will adopt this standard on January 1, 2015. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future disposal transactions after adoption may be different than under current standards.