Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2013

Recent Accounting Pronouncements

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

        In 2013, the FASB issued "Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," which improves the reporting of unrecognized tax benefits. The amendment requires an entity to present an unrecognized tax benefit as a reduction to deferred tax assets for net operating loss or tax credit carryforwards, unless the net operating loss or tax credit carryforward is not available to be used or not intended to be used as of the reporting date to settle any additional income taxes that would be due from the disallowance of a tax position. Under that exception, the unrecognized tax benefit should be represented as a liability instead of being netted against deferred tax assets for net operating loss or tax credit carryforwards. This amendment is effective for fiscal quarters and years beginning after December 15, 2013. The Company does not anticipate that this adoption will have a significant impact on its consolidated financial statements.