Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2011

Recently Issued Accounting Standards

Recently Issued Accounting Standards

J.         Recently Issued Accounting Standards

Presentation of Comprehensive Income

In June 2011, the Financial Accounting Standards Board (FASB) issued a standard update to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.  The Company is currently evaluating the impact this standard will have on its disclosures.

Disclosures about Fair Value Measurements

In May 2011, the FASB issued a standard update intended to enhance the fair value disclosure requirements to result in common fair value measurement in United States generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). The amendments are to be applied prospectively, and are effective during interim and annual periods beginning after December 15, 2011.  The Company is currently evaluating the impact this standard will have on its financial statements.