Recently Issued Accounting Pronouncements

3 Months Ended

Nov. 30, 2012

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Note 2:  Recently Issued Accounting Pronouncements

In June 2011, the FASB issued an update to the authoritative guidance which improves the comparability, consistency and transparency of financial reporting and increases the prominence of items reported in other comprehensive income. The guidance provided by this update became effective and was adopted by the Company in the first quarter of fiscal 2013.

In September 2011, the FASB issued an update to the authoritative guidance which reduces the complexity and cost by allowing for a qualitative evaluation about the likelihood of goodwill impairment to determine whether the calculation of the fair value of a reporting unit is required. The guidance provided by this update became effective and was adopted by the Company in the first quarter of fiscal 2013.

In December 2011, the FASB issued an update to the authoritative guidance which defers the effective date of the presentation of reclassification adjustments out of accumulated other comprehensive income. The guidance provided by this update became effective and was adopted by the Company in the first quarter of fiscal 2013.

In December 2011, the FASB issued an update to the authoritative guidance which requires disclosure information about offsetting and related arrangements for financial instruments and derivative instruments. The guidance provided by this update becomes effective for the Company in the first quarter of fiscal 2014. The Company does not expect that the adoption of this guidance will have a material effect on the Company’s financial statements.