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New Accounting Pronouncements (Policies)
9 Months Ended
Sep. 29, 2011
New Accounting Pronouncements [Abstract] 
Presentation Of Comprehensive Income Policy [Text Block]

 

In June 2011, the FASB issued Accounting Standards Update 2011-05, Presentation of Comprehensive Income (“FASB ASU 2011-05”), which gives an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements.

 

In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This Update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this Update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The provisions of FASB ASU 2011-05 are effective for interim periods and fiscal years beginning after December 15, 2011. The adoption of the provisions of FASB ASU 2011-05 is not expected to have a material impact on the Company's consolidated financial statements.

REVENUE RECOGNITION - MILESTONE METHOD (Topic 605) ("FASB ASU 2010-17")

In April 2010, the FASB issued Accounting Standards Update 2010-17, Revenue Recognition - Milestone Method (Topic 605) (“FASB ASU 2010-17”), which provides guidance on applying the milestone method of revenue recognition in arrangements with research and development activities. The amendments in this Update are effective on a prospective basis for milestones achieved in fiscal years and interim periods within those years, beginning on or after June 15, 2010 and thus was effective for the Company's fiscal quarter ended March 31, 2011. Adoption of the provisions of FASB ASU 2010-17 did not have a material impact on the Company's consolidated financial statements.

Testing Goodwill for Impairment (Intagibles - Goodwill and Other (Topic 350)("FASB ASU 2011-08)

 

In September 2011, the FASB issued Accounting Standards Update 2011-08, Intangibles – Goodwill and Other – (Topic 350) Testing Goodwill for Impairment (FASB ASU 2011-08). The amendments in this Update will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under these amendments, an entity would not be required to calculate the fair value of a reporting unit 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 amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment.  The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance.  The adoption of the provisions of FASB ASU 2011-08 is not expected to have a material impact on the Company's consolidated financial statements.

Disclosures about an Employer's Participation in a Multiemployer Plan (Compensation - Retirement Benefits - Multiemployer Plans Subtopic 715-80) (FASB ASU 2011-09)

In September 2011, the FASB issued Accounting Standards Update 2011-09, Compensation – Retirement Benefits – Multiemployer Plans (Subtopic 715-80) Disclosures about an Employer's Participation in a Multiemployer Plan (FASB ASU 2011-09).  The amendments in this update require additional disclosures about an employer's participation in a multiemployer plan.  For public entities, the amendments in this Update are effective for annual periods for fiscal years ending after December 15, 2011, with early adoption permitted.  The amendments should be applied retrospectively for all prior periods presented.  The adoption of the provisions of FASB ASU 2011-08 is not expected to have a material impact on the Company's consolidated financial statements.