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Note 15 - Recent Accounting Pronouncements
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3 Months Ended |
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Sep. 30, 2011
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| Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
15. Recent
Accounting Pronouncements
In June 2011, the
FASB issued ASU No. 2011-05, "Comprehensive Income (ASC Topic
220): Presentation of Comprehensive Income" ("ASU 2011-05"),
which amends current comprehensive income
guidance. This accounting update eliminates the
option to present the components of other comprehensive
income as part of the statement of shareholders’
equity. Instead the Company must report
comprehensive income in either a single continuous statement
of comprehensive income which contains two sections, net
income and other comprehensive income, or in two separate but
consecutive statements. ASU 2011-05 will be
effective during interim and annual periods beginning after
December 15, 2011; with early adoption
permitted. Adoption of ASU 2011-05 is not expected
to have a material impact on the Company’s consolidated
financial statements.
In September
2011, the Financial Accounting Standards Board ("FASB")
issued ASU 2011-08, Goodwill and
Other (Topic 350) – Testing Goodwill for
Impairment. The new guidance permits an entity
to first assess qualitative factors to determine whether it
is more likely than not that the fair value of a reporting
unit is less than its carrying amount before applying the
two-step goodwill impairment model that is currently in
place. If it is determined through the qualitative
assessment that a reporting unit's fair value is more likely
than not greater than its carrying value, the remaining
impairment steps would be unnecessary. The qualitative
assessment is optional, allowing companies to go directly to
the quantitative assessment. The
new guidance is effective for annual and interim goodwill
impairment tests performed for fiscal years beginning after
December 15, 2011; however, early adoption is
permitted. We do not expect the adoption of ASU 2011-08
will have a material impact on the consolidated financial
statements.
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