Note P – New Accounting Standards Recently Adopted

 

In February 2013, the Financial Accounting Standards Board issued guidance related to obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date.  The guidance was effective for the Company beginning the first quarter of Fiscal 2015.  The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.  For additional information, refer to Note I.