Urban Outfitters 2012 Annual Report Download - page 65

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Table of Contents
URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(in thousands, except share and per share data)
times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits.
Management believes that it is not exposed to any significant risks related to its cash accounts.
Recently Issued Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board ("FASB") issued an accounting standards update that amended fair value measurements
and disclosures and aimed to improve the transparency of financial reporting of assets and liabilities measured at fair value. The update required new
disclosures for transfers in and out of Level 1 and Level 2 and the basis for such transfers. Also required are disclosures for activity in Level 3, including
purchase, sale, issuance and settlement information. Lastly, it clarified guidance regarding disaggregation and disclosure of information about valuation
techniques and inputs used to measure fair value for both recurring and non-recurring fair value measurements in Level 2 and Level 3 categories. The
Company adopted the provisions of this accounting standards update effective February 1, 2010, except for the requirement to disclose purchases, sales,
issuances, and settlements related to Level 3 measurements, which we adopted February 1, 2011. This adoption had no impact on the Company's financial
condition, results of operations or cash flows.
In May 2011, the FASB issued an additional update that amended fair value measurements and disclosures. This amendment provides that the inputs
and measures used to value assets that fall within Level 3 of the valuation hierarchy be quantitatively presented. Application is required prospectively for
interim and annual periods beginning after December 15, 2011. The Company is required to adopt the provisions of this update in the first quarter of fiscal
2013. Other than the change in presentation, this accounting standards update will not have an impact on the Company's financial position and results of
operations.
In June 2011, the FASB issued an accounting standards update that requires an increase in the prominence of other comprehensive income and its
components within the financial statements. The update provides entities the option to present the components of net income and other comprehensive income
in either one or two consecutive financial statements. It also eliminates the option to present other comprehensive income in the statements of shareholders'
equity. Application is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2011. The Company is
required to adopt the provisions of this update in the first quarter of fiscal 2013. Other than the change in presentation, this accounting standards update will
not have an impact on the Company's financial position and results of operations.
F-14