Note 13 - New Accounting Standards

9 Months Ended

Oct. 01, 2011

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

13. New Accounting Standards

In September 2011, the FASB amended guidance on the annual goodwill impairment test performed by the Company.  Under the amended guidance, the Company will have the option to first assess qualitative factors to determine whether it is necessary to perform a two-step impairment test.  If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than the carrying value, the quantitative impairment test is required.  If the Company believes the fair value of a reporting unit is greater than the carrying value, no further testing is required.  A company can choose to perform the qualitative assessment on some or none of its reporting entities.  The amended guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Early adoption is permitted and we expect to adopt this guidance during the fourth quarter of 2011.  We do not expect this accounting standard to have a material impact on our condensed consolidated financial statements.

Other accounting standards that have been issued or proposed by the FASB and SEC and/or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.