RECENT ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2013

RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

3.   RECENT ACCOUNTING PRONOUNCEMENTS

In February 2013, The Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which seeks to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.  The provisions of ASU 2013-02 are applicable to all companies that report items of other comprehensive income, such as the Company.  ASU 2013-02 requires a presentation (either on the face of the statement where net income is presented or in the notes to the financial statements) of the effects on the line items of net income of significant amounts that have been reclassified in their entirety and in accordance with GAAP from accumulated other comprehensive income to net income in the same reporting period.   ASU 2013-02 additionally requires a cross-reference to any other disclosures currently required under GAAP related to other reclassification items that, under GAAP, are not required to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period.  ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the Company's financial statements.  All information required to be presented or cross-referenced under ASU 2013-02 is currently required to be disclosed, in some capacity, in the financial statements under GAAP.  The Company adopted ASU 2013-02 effective January 1, 2013.  Adoption of ASU 2013-02 had no impact on the Company's consolidated financial condition or results of operations.