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| Fair Value Disclosures [Text Block] |
8. Fair
Value Measurements
Effective
January 1, 2009, we adopted ASC 820-10 Fair Value
Measurements and Disclosure for non-recurring fair value
measurements of non-financial assets and liabilities. This
standard defines fair value, establishes a framework for
measuring fair value in generally accepted accounting
principles, and expands disclosures about fair value
measurements. This standard establishes a three-level
hierarchy for fair value measurements based upon the
significant inputs used to determine fair value. Observable
inputs are those which are obtained from marked participants
external to the Company while unobservable inputs are
generally developed internally, utilizing management’s
estimates assumptions, and specific knowledge of the nature
of the assets or liabilities and related markets. The three
levels are defined as follows:
Level
1 – Inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the Company
has the ability to access at the measurement date. An active
market is defined as a market in which transactions for the
assets or liabilities occur with sufficient frequency and
volume to provide pricing information on an ongoing
basis.
Level
2 – Inputs include quoted prices for similar assets and
liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not active
(markets with few transactions), inputs other than quoted
prices that are observable for the asset or liability (i.e.,
interest rates, yield curves, etc), and inputs that are
derived principally from or corroborated by observable market
data correlation or other means (market corroborated
inputs).
Level
3 – Unobservable inputs, only used to the extent that
observable inputs are not available, reflect the
Company’s assumptions about the pricing of an asset or
liability.
In
accordance with the fair value hierarchy described above, the
following table shows the fair value of the Company’s
financial assets and liabilities (in thousands) that are
required to be measured at fair value as of September 30,
2011 and June 30, 2011.
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