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&lt;p style="FONT-FAMILY: times;"&gt;&lt;font size="2"&gt;&lt;b&gt;13. NEW ACCOUNTING STANDARDS&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times;"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.&amp;#160;GAAP and IFRS" ("ASU&amp;#160;2011-04"), which amends U.S.&amp;#160;GAAP to converge U.S.&amp;#160;GAAP and International Financial Reporting Standards by changing the wording used to describe many of the requirements in U.S.&amp;#160;GAAP for measuring fair value and for disclosing information about fair value measurements. ASU&amp;#160;2011-04 is effective for interim and annual periods beginning after December&amp;#160;15, 2011. The Company adopted ASU&amp;#160;2011-04 on January&amp;#160;1, 2012, as required (see Note&amp;#160;9 for required disclosures).&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times;"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;In June 2011, the FASB issued ASU&amp;#160;2011-05, "Comprehensive Income&amp;#8212;Presentation of Comprehensive Income" ("ASU&amp;#160;2011-05"). ASU&amp;#160;2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of stockholders' equity. It requires an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued ASU&amp;#160;2011-12, "Comprehensive Income&amp;#8212;Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU&amp;#160;2011-05" ("ASU&amp;#160;2011-12") to defer the effective date of the specific requirement to present items that are reclassified out of accumulated other comprehensive income to net income alongside their respective components of net income and other comprehensive income. All other provisions of this update, which are to be applied retrospectively, are effective for fiscal years, and interim periods within those years, beginning after December&amp;#160;15, 2011. The Company adopted ASU&amp;#160;2011-05 and ASU&amp;#160;2011-12 on January&amp;#160;1, 2012, as required (see condensed consolidated statements of comprehensive income and Note&amp;#160;10 for required disclosures).&lt;/font&gt;&lt;/p&gt;
&lt;p style="FONT-FAMILY: times;"&gt;&lt;font size="2"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;In December 2011, the FASB issued ASU&amp;#160;2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities" ("ASU&amp;#160;2011-11") to amend the requirement for an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. ASU&amp;#160;2011-11 is effective for annual reporting periods beginning on or after January&amp;#160;1, 2013, and interim periods within those annual periods. The Company plans to adopt ASU&amp;#160;2011-11 on January&amp;#160;1, 2013, as required, but does not believe this guidance will have a significant impact on the Company's consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
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