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Note 16 - Recent Accounting Pronouncements
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6 Months Ended |
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Dec. 31, 2011
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| Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
16. Recent
Accounting Pronouncements
In June 2011, the
Financial Accounting Standards Board (“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. In December 2011, the FASB issued ASU No.
2011-12, "Deferral of the
Effective Date for Amendments to the Presentation of
Reclassification of Items Out of Accumulated Other
Comprehensive Income in Accounting Standards Update No.
2011-05" ("ASU 2011-12"). ASU 2011-12 defers the
requirement in ASU 2011-05 to present reclassification
adjustments for each component of accumulated other
comprehensive income ("AOCI") in both other comprehensive
income and net income on the face of the financial statements
and the presentation of reclassification adjustments is not
required in interim periods. We expect to continue to present
amounts reclassified out of AOCI on the face of the financial
statements or disclose those amounts in the notes to the
financial statements. The effective dates of ASU 2011-12 are
consistent with the effective dates of ASU 2011-05, which is
effective for fiscal years and interim periods beginning
after December 15, 2011. Adoption of these standards is not
expected to have a material impact on the Company’s
consolidated financial statements.
In September
2011, the 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. We do not expect the adoption of ASU
2011-08 will have a material impact on the consolidated
financial statements.
In May 2011, the
FASB issued ASU 2011-04, “Fair Value
Measurement (ASC Topic820): Amendments to
Archive Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs” (ASU
2011-04”), which clarifies existing fair value
measurement and disclosure requirements, amends certain fair
value measurement principles, and requires additional
disclosures about fair value measurements. ASU
2011-04 will be effective during the interim and annual
periods beginning after December 15, 2011. Early
adoption is not permitted. Adoption of ASU 2011-04
is not expected to have a material impact on the
Company’s consolidated financial statements.
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