NEW ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2011

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

NOTE 16—NEW ACCOUNTING PRONOUNCEMENTS

ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRS),” was issued in May 2011.  The amendments change the wording used to describe the requirements for measuring fair value and for disclosing information about fair value measurements.  The amendments also clarify the intent concerning the application of existing fair value measurement requirements.  This guidance is effective for our reporting period ending March 31, 2012.  Management is currently evaluating the impact that the adoption will have on our financial statements.

ASU 2011-05, “Presentation of Comprehensive Income,” was issued in June 2011.  The guidance requires that the total of comprehensive income, the components of net income, and the components of other comprehensive income be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  Reclassification adjustments from other comprehensive income to net income are also required to be reported on the face of the financial statements.  This guidance is effective for our reporting period ending March 31, 2012.  Management is currently evaluating the impact that the adoption will have on our financial statements.