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Adopted and Other Recently Issued Accounting Pronouncements
12 Months Ended
Jan. 31, 2012
Adopted and Other Recently Issued Accounting Pronouncements [Abstract]  
ADOPTED AND OTHER RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

NOTE 3 – ADOPTED AND OTHER RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

New disclosures and clarifications of existing disclosures required by the Financial Accounting Standards Board (the “FASB”) under Accounting Standards Update No. 2010-06, Fair Value Measurements and Disclosures provided amendments to Accounting Standards Codification subtopic 820-10, Fair Value Measurements and Disclosures – Overall Subtopic. They became effective for the Company’s interim and annual reporting periods beginning February 1, 2010, except for certain Level 3 activity disclosures. The disaggregation requirement for the reconciliation disclosure of Level 3 measurements became effective for the Company on February 1, 2011. This enhanced disclosure requirement did not materially affect the Company’s condensed consolidated financial statements.

In September 2011, the FASB issued Accounting Standards Update 2011-08, Testing Goodwill for Impairment (“ASU 2011-08”), which is intended to simplify the two-step goodwill impairment test required by current guidance. The amendment will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity no longer will be required to calculate the fair value of a reporting entity unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance includes discussions of the types of factors which should be considered in conducting the qualitative assessment including macroeconomic, industry, market and entity-specific factors. The requirements of this pronouncement will be effective for the Company’s consolidated financial statements commencing February 1, 2012. Although early adoption was permitted, the Company elected not to use the new guidance in conducting its evaluation for impairment of goodwill as of November 1, 2011.

Other than ASU 2011-08, there are no recently issued accounting pronouncements that have not yet been adopted that we consider material to our consolidated financial statements.