RECENTLY ISSUED ACCOUNTING STANDARDS

6 Months Ended

Aug. 13, 2011

RECENTLY ISSUED ACCOUNTING STANDARDS

RECENTLY ISSUED ACCOUNTING STANDARDS

8. RECENTLY ISSUED ACCOUNTING STANDARDS

In June 2011, the FASB amended its rules regarding the presentation of comprehensive income.  The objective of this amendment is to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income.  Specifically, this amendment requires that all non-owner changes in shareholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  The new rules will become effective during interim and annual periods beginning after December 15, 2011.  Because the standard only affects the display of comprehensive income and does not affect what is included in comprehensive income, the standard will not have a material effect on the Company’s Consolidated Financial Statements.

In May 2011, the FASB amended its standards related to fair value measurements and disclosures.  The objective of the amendment is to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with GAAP and International Financial Reporting Standards.  This amendment primarily changed the wording used to describe many of the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements.  In addition, the amendment clarified the FASB’s intent about the application of existing fair value measurement requirements.  The new standard also requires additional disclosures related to fair value measurements categorized within Level 3 of the fair value hierarchy and requires disclosure of the categorization in the hierarchy for items which are not recorded at fair value but as to which fair value is required to be disclosed.  The new rules will become effective during interim and annual periods beginning after December 15, 2011.  While the Company is still finalizing its evaluation of the effect of these amended standards on its Consolidated Financial Statements, the Company believes these new standards will not have a material effect on its Consolidated Financial Statements.