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Note 2 Accounting Changes and Recent Accounting Pronouncements
9 Months Ended
Dec. 31, 2011
New Accounting Pronouncements And Changes In Accounting Principles Abstract  
Recent Accounting Pronouncements Text Block

2. Recent Accounting Pronouncements

 

In December 2011, the Financial Accounting Standards Board, or FASB, issued authoritative guidance on disclosure about offsetting assets and liabilities. The amendments require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance is effective for us for the fiscal year beginning on April 1, 2013. We are currently evaluating the impact that the adoption of the guidance will have on our condensed consolidated financial statements and disclosures.

 

In September 2011, FASB issued authoritative guidance on testing goodwill for impairment. Under the amendments in this guidance, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. The guidance permits an entity to qualitatively assess whether the fair value of a reporting unit is less than its carrying amount. The amendments are effective for us for the fiscal year beginning on April 1, 2012 and early adoption is permitted. We are currently evaluating the impact that the adoption of the amendments will have on our condensed consolidated financial statements and disclosures.

 

In June 2011, FASB issued authoritative guidance on the presentation of comprehensive income. Under the guidance, an entity has the option to present the total of 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 guidance is effective for us for the fiscal year beginning on April 1, 2012. We are currently evaluating the impact that the adoption of the guidance will have on our condensed consolidated financial statements and disclosures.

 

In May 2011, FASB issued an amendment in order to align the fair value measurement and disclosure requirements in U.S. Generally Accepted Accounting Principles, or U.S. GAAP, and International Financial Reporting Standards, or IFRS. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments are effective for us in the quarter beginning on January 1, 2012. We are currently evaluating the impact that the adoption of the amendments will have on our condensed consolidated financial statements and disclosures.