11. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2011, authoritative guidance was issued
on the presentation of comprehensive income to require an entity 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. This authoritative guidance eliminates the option to present the components of other
comprehensive income as part of the statement of shareholders equity. This guidance is effective for fiscal years, and interim
periods within those years, beginning after December 15, 2011. The Company adopted this guidance the first quarter of fiscal 2013.
Other than requiring additional disclosure, the adoption of this new guidance did not have a material impact on the Companys
consolidated financial statements.