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New Accounting Pronouncements
3 Months Ended
Mar. 31, 2013
New Accounting Pronouncements

Note B—New Accounting Pronouncements

Balance Sheet Disclosures. In December 2011, the Financial Standards Board (“FASB”) issued authoritative guidance in regards to the presentation of netting assets and liabilities related to financial and derivative instruments as a single amount in the statement of financial position to address the difference between GAAP and international financial reporting standards (“IFRS”). This authoritative guidance is to be applied for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of this guidance as of March 31, 2013, did not have an impact on the Company’s Financial Statements.

Comprehensive Income. In March 2013, the FASB issued authoritative guidance in regards to comprehensive income and reporting amounts reclassified out of accumulated other comprehensive income to improve the transparency of reporting these reclassifications. Other comprehensive income which included gains and losses that are initially excluded from net income for an accounting period would need to be presented either on the face of the statement where net income is presented or in the notes. This authoritative guidance is to be applied for annual reporting periods beginning after December 15, 2012. The adoption of this guidance as of March 31, 2013, did not have an impact on the Company’s Financial Statements.