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CONSOLIDATION OF VARIABLE INTEREST ENTITIES | 12 Months Ended
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Sep. 29, 2012
Variable Interest Entity, Similar Entity Aggregation, Description |
2. | CONSOLIDATION OF VARIABLE INTEREST ENTITIES
| Upon adoption of new accounting guidance for VIEs on October 3, 2010, the Company determined that it is the primary beneficiary of two VIEs which had not been previously consolidated, Ark Hollywood/Tampa Investment, LLC and Ark Connecticut Investment, LLC. The new guidance requires that a single party (including its related parties and de facto agents) be able to exercise their rights to remove the decision maker in order for the “kick-out” rights to be considered substantive. Previously, a simple majority of owners that could exercise kick-out rights was considered a substantive right. This change resulted in the need for consolidation.
| The assets and liabilities associated with the Company’s consolidation of VIEs are as follows:
|  | September 29, 2012 |  | October 1, 2011 |
|  | (in thousands) |
Cash and cash equivalents |  | $ | 714 |  | $ | 852 |
Accounts receivable |  |  | 1,776 |  |  | 1,423 |
Inventories |  |  | 28 |  |  | 23 |
Prepaid income taxes |  |  | 235 |  |  | 244 |
Prepaid expenses and other current assets |  |  | 13 |  |  | 9 |
Due from Ark Restaurants Corp. and affiliates (1) |  |  | 288 |  |  | 410 |
Fixed assets, net |  |  | 3,189 |  |  | 3,660 |
Other long-term assets |  |  | 71 |  |  | 71 |
Total assets |  | $ | 6,314 |  | $ | 6,692 |
Accounts payable |  | $ | 153 |  | $ | 565 |
Accrued expenses and other current liabilities |  |  | 1,950 |  |  | 2,076 |
Total liabilities |  |  | 2,103 |  |  | 2,641 |
Equity of variable interest entities |  |  | 4,211 |  |  | 4,051 |
Total liabilities and equity |  | $ | 6,314 |  | $ | 6,692 |
(1) | Amounts due from Ark Restaurants Corp. and affiliates are eliminated upon consolidation.
| The liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against the Company’s general assets.

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- Definition Describes how the entity aggregates Variable Interest Entities (VIE) for disclosure purposes, distinguishing between (a) VIEs that are not consolidated because the enterprise is not the primary beneficiary but has a variable interest and (b) VIEs that are consolidated. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228884-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 167 -Paragraph 22C -Appendix D + Details
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