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Basis of Presentation and Significant Accounting Policies
3 Months Ended
Mar. 31, 2014
Basis of Presentation and Significant Accounting Policies  
Basis of Presentation and Significant Accounting Policies

1. Basis of Presentation and Significant Accounting Policies

 

Basis of Presentation

 

We prepared this Quarterly Report on Form 10-Q under the rules and regulations of the United Stated Securities and Exchange Commission (SEC) and in accordance with United States generally accepted accounting principles as it applies to interim condensed consolidated financial statements. Because this is an interim period report presented using a condensed format, it does not include all of the disclosures required by United States generally accepted accounting principles and should be read along with our 2013 Annual Report on Form 10-K. The condensed consolidated financial statements as of March 31, 2014 and 2013 are unaudited. The consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated balance sheet included in our 2013 Annual Report on Form 10-K.  In our opinion, all adjustments which are of a normal, recurring nature are reflected to fairly present these interim period results. The results for any interim period are not necessarily indicative of the expected results for the entire year.

 

Significant Accounting Policies

 

There were no changes in significant accounting policies as described in the 2013 Annual Report on Form 10-K.

 

New Accounting Pronouncements Issued But Not Yet Adopted

 

The following accounting standard has been issued but not yet been adopted.

 

Discontinued Operations.  In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which alters the criteria under which assets to be disposed of are evaluated for reporting as a discontinued operation.  While early adoption of this standards update is permitted, prospective application is required in the first quarter of 2015.  Accordingly, the standard will not impact our historical presentation of assets as discontinued operations.  We are currently evaluating the requirements of the standards update that could impact future disposal transactions subsequent to implementation.