Accounting Standard Changes

6 Months Ended

Jun. 30, 2011

Accounting Standard Changes

Accounting Standard Changes

Note 2.  Accounting Standard Changes

In June 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-05 (“ASU No. 2011-05”) which amends ASC Topic 220, Comprehensive Income.  ASU Topic No. 2011-05 gives an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In each instance, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. ASU No. 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. ASU No. 2011-05 does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The Company will adopt ASU No. 2011-05 in its annual financial statements for the year ended December 31, 2011.  The adoption of ASU No. 2011-05 will not affect the Company’s financial position, results of operations or cash flows.

As of June 30, 2011, no other amendments to the ASC had been issued that will have or are reasonably likely to have a material effect on the Company’s financial position, results of operations or cash flows.