Recent Accounting Pronouncements

12 Months Ended

Mar. 31, 2014

Recent Accounting Pronouncements

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

        In December 2011, the Financial Accounting Standards Board ("FASB") issued a guidance which requires disclosure of information to provide enhanced disclosures to enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity's assets and liabilities. In January 2013, the FASB issued an update to this guidance which limits the scope of the required balance sheet offsetting disclosures to derivative instruments accounted for in accordance with Accounting Standards Codification ("ASC") Topic 815, Derivative and Hedging, subject to an enforceable master netting arrangement or similar agreement. The Company adopted this guidance on April 1, 2013 and adoption resulted in an increase in disclosure regarding the Company's risk management assets and liabilities that had netting or right of offset arrangements.

        In July 2013, the FASB issued guidance which requires entities to present unrecognized tax benefit or portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward except when (1) a net operating loss carry forward, a similar loss, or a tax credit carry forward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; and (2) the entity does not intend to use the deferred tax asset for this purpose, provided that tax law permits a choice. If either of these conditions exists, entities should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. The Company will adopt this guidance on April 1, 2014 and adoption will not have a material impact on the Company's financial position, result of operations or cash flows.