Recently Issued Accounting Standards

6 Months Ended

Jul. 02, 2011

Recently Issued Accounting Standards [Abstract]

Recently Issued Accounting Standards

Note 13 – Recently Issued Accounting Standards

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU’s) to the FASB’s Accounting Standards Codification.

The Company considers the applicability and impact of all ASU’s.  ASU’s not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s Consolidated Financial Statements.

In May 2011 the FASB issued amendments to disclosure requirements for common fair value measurement. These amendments, effective for the interim and annual periods beginning on or after December 15, 2011 (early adoption is prohibited), result in common definition of fair value and common requirements for measurement of and disclosure requirements between U.S. GAAP and International Financial Reporting Standards.  Consequently, the amendments change some fair value measurement principles and disclosure requirements.  The implementation of this amended accounting guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

In June 2011 the FASB issued amendments to disclosure requirements for presentation of comprehensive income.  This guidance, effective retrospectively for the interim and annual periods beginning on or after December 15, 2011 (early adoption is permitted), requires presentation of total 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.  The implementation of this amended accounting guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.