RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2013

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

2.     RECENT ACCOUNTING PRONOUNCEMENTS

In 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Reporting Amounts of Reclassified Out of Accumulated Other Comprehensive Income.  This update requires separate presentation of amounts reclassified out of accumulated other comprehensive income (AOCI) for each component of AOCI and to disclose, for each affected line item in the income statement, the amount of AOCI that has been reclassified into that line item.  The update is effective for reporting periods beginning after December 15, 2012 (therefore, March 31, 2013 for the Corporation).  This update did not have a significant impact on the financial statements.

During 2012, the Corporation adopted new guidance related to the presentation of comprehensive income in the financial statements.  Among other changes, the new guidance eliminated the option to only present comprehensive income in the statement of equity.  The Corporation has elected to report comprehensive income in a separate statement of comprehensive income that begins with net income.  The change in presentation has been applied retrospectively and the 2012 financial statements have been restated to conform to the new presentation method.  Other than the change in presentation of comprehensive income and related disclosures, the new guidance did not have a material effect on the financial statements.