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Impact of Recently Issued Accounting Pronouncements
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3 Months Ended |
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May 04, 2013
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| Impact of Recently Issued Accounting Pronouncements |
NOTE 7. Impact of Recently Issued Accounting
Pronouncements
In February 2013, the FASB issued new guidance requiring entities
to provide information about the amounts reclassified out of
accumulated other comprehensive income by component. It
requires entities to present, either on the face of the statement
where net income is presented or in the notes, significant amounts
reclassified out of accumulated other comprehensive
income by
the respective line items of net income. This disclosure
is required only if the amount reclassified is required under U.S.
GAAP to be reclassified to net income in its entirety in the same
reporting period. For other amounts that are not
required under U.S. GAAP to be reclassified in their entirety to
net income, a cross-reference to other disclosures required under
U.S. GAAP that provide additional detail about those amounts is
required. The new guidance was effective for interim or
fiscal years beginning on or after December 15, 2012, with early
adoption permitted. There were no reclassification
adjustments for the period ended May 4, 2013 and our adoption of
this new guidance on February 3, 2013 did not have a material
impact on our financial condition or results of
operations.
In June 2011, the FASB issued a final standard requiring entities
to present net income and other comprehensive income in either
a single continuous statement or in two separate, but consecutive,
statements of net income and other comprehensive
income. The new standard eliminates the option to
present items of other comprehensive income in the statement of
changes in equity. The new requirements do not change
which components of comprehensive income are recognized in net
income or other comprehensive income, or when an item of other
comprehensive income must be reclassified to net
income. Also, earnings per share computations do not
change. The new requirements were effective for interim
and fiscal years beginning after December 15, 2011, with early
adoption permitted. Full retrospective application is
required. As this standard relates only to the
presentation of other comprehensive income, our adoption of this
new guidance on January 29, 2012 did not have a material impact on
our financial condition or results of
operations.
In May 2011, the FASB issued new guidance that results in a
consistent definition of fair value and common requirements for
measurement of and disclosure about fair value between U.S. GAAP
and International Financial Reporting Standards, or
IFRS. The new guidance changes some fair value
measurement principles and disclosure requirements under U.S.
GAAP. Several new disclosures about Level 3 measurements
are required, including quantitative information about the
significant unobservable inputs used in the measurement, a
qualitative discussion about the sensitivity of recurring
measurements to changes in the unobservable inputs disclosed and a
description of the valuation processes used by us. The
new guidance was effective for interim or fiscal years beginning on
or after December 15, 2011, with early adoption
prohibited. Our adoption of this new guidance on January
29, 2012 did not have a material impact on our financial condition
or results of operations.
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