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EXCEL - IDEA: XBRL DOCUMENT - RAINBOW INTERNATIONAL, CORP.Financial_Report.xls
10-Q - FORM 10-Q - RAINBOW INTERNATIONAL, CORP.rainbow10q2q12v1.htm
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EX-31 - EXHIBIT 31 - RAINBOW INTERNATIONAL, CORP.rainbow10q2q12ex31.htm
EX-32 - EXHIBIT 32 - RAINBOW INTERNATIONAL, CORP.rainbow10q2q12ex32.htm
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v2.4.0.6
Note 10 - New Accounting Pronouncements
6 Months Ended
Nov. 30, 2012
Notes  
Note 10 - New Accounting Pronouncements:

Note 10 - New accounting pronouncements:

Recent Accounting Pronouncements

In December 2010, the FASB issued updated guidance on when and how to perform certain steps of the periodic goodwill impairment test for public entities that may have reporting units with zero or negative carrying amounts. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010, with early adoption prohibited.  The adoption of this standard update did not impact the Company’s consolidated financial statements.

 

In May 2011, the FASB issued guidance to amend certain measurement and disclosure requirements related to fair value measurements to improve consistency with international reporting standards. This guidance is effective prospectively for public entities for interim and annual reporting periods beginning after December 15, 2011, with early adoption by public entities prohibited. The Company is currently evaluating this guidance, but does not expect its adoption will have a material effect on its consolidated financial statements.

 

In June 2011, the FASB issued new guidance on the presentation of comprehensive income that will require a company to present components of net income and other comprehensive income in one continuous statement or in two separate, but consecutive statements. There are no changes to the components that are recognized in net income or other comprehensive income under current GAAP. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011, with early adoption permitted.  The Company is currently evaluating this guidance, but does not expect its adoption will have a material effect on its consolidated financial statements

.