||Recent Accounting Pronouncements|
May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in
U.S. GAAP and International Financial Reporting Standards (IFRS) of Fair Value Measurement Topic 820. ASU
2011-04 is intended to provide a consistent definition of fair value and improve the comparability of fair value measurements presented
and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The amendments include those that
clarify the FASBs intent about the application of existing fair value measurement and disclosure requirements, as well as
those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value
measurements. This update is effective for annual and interim periods beginning after December 15, 2011. The adoption
of this ASU did not have a material impact on our financial statements.
December 2011, the FASB issued ASU No. 2011-11: Balance Sheet (topic 210): Disclosures about Offsetting Assets and Liabilities,
which requires new disclosure requirements mandating that entities disclose both gross and net information about instruments and
transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement
similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted
in connection with master netting agreements or similar arrangements. This ASU is effective for annual reporting periods
beginning on or after January 1, 2013, and interim periods within those annual periods. Entities should provide the
disclosures required retrospectively for all comparative periods presented. We are currently evaluating the impact of
adopting ASU 2011-11 on the financial statements.
FASB issued Accounting Standards Update (ASU) No. 2012-02IntangiblesGoodwill and Other (Topic 350): Testing Indefinite-Lived
Intangible Assets for Impairment, on July 27, 2012, to simplify the testing for a drop in value of intangible assets such as
trademarks, patents, and distribution rights. The amended standard reduces the cost of accounting for indefinite-lived intangible
assets, especially in cases where the likelihood of impairment is low. The changes permit businesses and other organizations to
first use subjective criteria to determine if an intangible asset has lost value. The amendments to U.S. GAAP will be effective
for fiscal years starting after September 15, 2012. Early adoption is permitted. The adoption of this ASU will not have a
material impact on our financial statements.
Other recent accounting pronouncements
issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the
United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Companys
present or future financial statements.