Recently Issued Accounting Standards

9 Months Ended

May 26, 2012

Recently Issued Accounting Standards [Abstract]

Recently Issued Accounting Standards

Note 10. Recently Issued Accounting Standards

Comprehensive Income

In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2011-05, which amends ASC Topic 220, "Comprehensive Income," and requires entities to present the total of comprehensive income, the components of net income and the components of other comprehensive income in either (1) a single continuous statement of comprehensive income or (2) two separate but consecutive statements. In December 2011, the FASB issued updated guidance which indefinitely defers the guidance related to the presentation of reclassification adjustments only. The Company adopted this guidance in the third quarter of fiscal 2012 and it did not have any impact on the Company's financial position, results of operations or cash flows.

Testing Goodwill for Impairment

In September 2011, the FASB issued ASU No. 2011-08, which amends ASC Topic 350, "Intangibles - Goodwill and Other." The guidance amends the impairment test for goodwill by allowing companies to first assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than the carrying amount and whether it is necessary to perform the current two-step goodwill impairment test. The Company adopted this guidance in the third quarter of fiscal 2012 and it did not have any impact on the Company's financial position, results of operations or cash flows.