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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Jun. 30, 2012
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS |
11. FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis Barnwell does not have any assets and liabilities that are required to be remeasured on a recurring basis. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain of our assets and liabilities are reported at fair value in the accompanying balance sheets on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. The following tables provide carrying value and fair value measurement information for nonrecurring fair value measurements recorded during the periods indicated (there were no nonrecurring fair value measurements recorded for such assets and liabilities during the three months ended June 30, 2012 and June 30, 2011): Nine months ended June 30, 2012:
|  |  |  |  |  | Fair Value Measurements Using: |  |  |  |  |
|  | Carrying |  |  |  | Quoted |  |  |  | Significant |  |  |  |  |  |  |  | Total Reduction of |
|  | Amount |  |  |  | Prices in |  |  |  | Other |  |  |  | Significant |  |  |  | Carrying Value |
|  | as of |  |  |  | Active |  |  |  | Observable |  |  |  | Unobservable |  |  |  | for the nine |
|  | June 30, |  |  |  | Markets |  |  |  | Inputs |  |  |  | Inputs |  |  |  | months ended |
|  | 2012 |  |  |  | (Level 1) |  |  |  | (Level 2) |  |  |  | (Level 3) |  |  |  | June 30, 2012 |
Real estate held for sale* |  | $ | 5,208,000 |  |  |  | $ | - |  |  |  | $ | 5,208,000 |  |  |  | $ | - |  |  |  | $ | 1,854,000 |
Nine months ended June 30, 2011:
|  |  |  |  |  | Fair Value Measurements Using: |  |  |  |  |
|  | Carrying |  |  |  | Quoted |  |  |  | Significant |  |  |  |  |  |  |  | Total Reduction of |
|  | Amount |  |  |  | Prices in |  |  |  | Other |  |  |  | Significant |  |  |  | Carrying Value |
|  | as of |  |  |  | Active |  |  |  | Observable |  |  |  | Unobservable |  |  |  | for the nine |
|  | June 30, |  |  |  | Markets |  |  |  | Inputs |  |  |  | Inputs |  |  |  | months ended |
|  | 2011 |  |  |  | (Level 1) |  |  |  | (Level 2) |  |  |  | (Level 3) |  |  |  | June 30, 2011 |
Investment in residential parcels * |  | $ | 2,830,000 |  |  |  | $ | - |  |  |  | $ | 2,830,000 |  |  |  | $ | - |  |  |  | $ | 190,000 |
Investment in joint ventures * |  | $ | 1,754,000 |  |  |  | $ | - |  |  |  | $ | - |  |  |  | $ | 1,754,000 |  |  |  | $ | 121,000 |
* The fair values included in the tables above represent only those assets whose carrying values were adjusted to fair value in each respective period. The fair value of real estate held for sale was based on the sales price of the home sold, which is similar and located adjacent to the remaining home. This fair value measurement has been classified as a Level 2 valuation. In determining the fair value of Barnwell’s investment in residential parcels, prices for comparable sales transactions were used by an independent real estate consulting and appraisal firm to estimate fair value. Such fair value measurements have been classified as Level 2 valuations. Kona Village Resort sustained considerable damage as a result of the March 2011 tsunami and subsequently shut down indefinitely. As a result of the resort’s shutdown, Barnwell determined that the fair value of its investment in Kona Village Resort was zero and wrote off its investment in Kona Village Investors, LLC. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued current liabilities and payables to joint interest owners approximate their fair values due to the short-term nature of the instruments. The carrying value of long-term debt approximates fair value as the terms approximate current market terms for similar debt instruments of comparable risk and maturities.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44A, 44B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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