RECENT ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2013

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 2—RECENT ACCOUNTING PRONOUNCEMENTS

In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013–11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. With the update, the FASB clarified the presentation of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in a company’s financial statements.  The amended standard will become effective for fiscal years and interim periods beginning after December 15, 2013. The amendments are applied prospectively to all unrecognized tax benefits that exist at the effective date of the standard and retrospective application is permitted. The Company has early adopted this standard and it did not have a material impact on the Company’s condensed consolidated financial statements as the Company had previously separately disclosed its tax benefits and liabilities for financial reporting purposes.