New Accounting Pronouncements

3 Months Ended

Apr. 30, 2011

New Accounting Pronouncements

New Accounting Pronouncements

2. New Accounting Pronouncements

Fair Value Measurements

In January 2010, the Financial Accounting Standards Board issued Accounting Standard Update ("ASU") 2010-06, which amends ASC 820, Fair Value Measurement and Disclosures. This guidance requires new disclosures and provides amendments to clarify existing disclosures. The new requirements include disclosing transfers in and out of Levels 1 and 2 fair value measurements and the reasons for the transfers and further disaggregating activity in Level 3 fair value measurements. This guidance was effective for interim and annual reporting periods beginning after December 15, 2009, except for the new disclosures regarding the activity in Level 3 measurements, which are effective for fiscal years and interim periods beginning after December 15, 2010. The Company adopted this guidance in the first quarter of 2010 except for the new disclosure regarding the activity in Level 3 measurements which was adopted in the first quarter of 2011. ASU 2010-06 did not have an impact on the Company's financial statements or footnotes.