Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Recent Accounting Pronouncements

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

In September 2009, the FASB amended the accounting guidance for revenue recognition for multiple-deliverable arrangements. The amended guidance establishes a hierarchy for determining the selling price of each individual deliverable and eliminates the residual value method of allocating the selling price. The amended guidance was effective for the Partnership prospectively for all revenue arrangements entered into or materially modified on or after January 1, 2011. The amendment did not have a material effect on the Partnership’s condensed consolidated financial statements.

In May 2011, the FASB amended the accounting guidance for fair value measurement and disclosure.  The amended guidance was intended to converge the fair value measurement and disclosure requirements under GAAP and  IFRS. The amendment primarily clarifies the application of the existing guidance and provides for increased disclosures, particularly related to Level 3 fair value measurements.  The amended guidance is effective for the Partnership prospectively as of January 1, 2012.  Except for the additional disclosures, the adoption of the amended guidance will not have a material effect on the Partnership’s condensed consolidated financial statements.