Pending Accounting Standards

3 Months Ended

Mar. 31, 2013

Pending Accounting Standards [Abstract]

Pending Accounting Standards

Note 2.      Pending Accounting Standards

Effective January 1, 2014, the Company will be required to adopt the amended guidance of ASC Topic 830, Foreign Currency Matters (Topic 830), which requires the Company to transfer currency translation adjustments from other comprehensive income into net income in certain circumstances.  The amended guidance aims to resolve diversity in practice as to whether ASC Topic 810, Consolidation or Topic 830 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business.  The Company will be required to apply the amended guidance prospectively.  The Company does not expect any impact on its financial results as a result of the adoption of this amended guidance.

Effective January 1, 2014, the Company will be required to adopt the amended guidance of ASC Topic 405, Liabilities, which addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, for which the total amount under the arrangement is fixed at the reporting date.  The amended guidance aims to resolve diversity in practice among companies that are subject to joint and several liabilities.  The Company will be required to apply the amended guidance retrospectively to all prior periods presented.  The Company has not determined the impact on its financial results as a result of the adoption of this amended guidance.