Recent Accounting Pronouncements
The Company adopted new accounting guidance on business combinations. This new accounting guidance broadens the scope of business combinations, extending its applicability to all transactions and other events in which one entity obtains control over one or more other businesses. It broadens the fair value measurement and recognition of assets acquired, liabilities assumed and interests transferred as a result of business combinations. It also expands on required disclosures to improve the statement users abilities to evaluate the nature and financial effects of business combinations. The adoption of this guidance did not have a material impact on the Companys financial statements.
The Company does not expect the adoption of any other recently issued accounting pronouncements to have a significant effect on its financial statements.