New Accounting Standard

6 Months Ended

Jun. 30, 2011

New Accounting Standard

New Accounting Standard

Note 17. New Accounting Standard

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.”  This update clarifies the application of certain existing fair value measurement guidance and expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs.  This update is effective on a prospective basis for the Partnership’s annual and interim reporting periods beginning on January 1, 2012.  The Partnership does not expect that adoption of this standard will have a material impact on its financial position or results of operations.

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220):  Presentation of Comprehensive Income.”  This standard will require companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements.  It eliminates the option to present components of other comprehensive income as part of the statement of changes in equity.  The amendments in this ASU do 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 nor do the amendments affect how earnings per unit is calculated or presented.  The ASU is to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2011.  As this ASU only requires enhanced disclosure, the adoption of this ASU will have no effect on the Partnership’s financial position or results of operations.