v2.4.0.6
Recently Issued Accounting Standards
12 Months Ended
Jul. 28, 2012
Recently Issued Accounting Standards

4. Recently Issued Accounting Standards

 

Presentation of Comprehensive Income

 

Under existing US GAAP, entities are permitted to present other comprehensive income and its components under one of three alternative presentations, including within the statement of changes in equity which is how the Company historically presented it. In June 2011, the FASB issued amended guidance for presenting comprehensive income. Under that new guidance, entities are required to present other comprehensive income and its components as either one continuous statement of net income and comprehensive income, or in two separate but consecutive statements. The new guidance does not change the items that must be reported as part of comprehensive income or when those items should be reclassified to net income. The new guidance was adopted by the Company at the end of Fiscal 2012, and was retrospectively applied to all periods presented through the presentation of a separate statement of comprehensive income.