CHANGES IN FUTURE ACCOUNTING STANDARDS

12 Months Ended

Dec. 31, 2012

CHANGES IN FUTURE ACCOUNTING STANDARDS

CHANGES IN FUTURE ACCOUNTING STANDARDS

4. CHANGES IN FUTURE ACCOUNTING STANDARDS

In July 2012, the FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (the revised standard).  The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment by providing entities with an option to perform a “qualitative” assessment to determine whether further impairment testing is necessary.  The revised standard is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012 and early adoption of this guidance is permitted.