Note 10. Developments in Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

Note 10. Developments in Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, which, among other things, amended Subtopic 220 with respect to the presentation of other comprehensive income and its components in the financial statements.  The update amended Subtopic 220 so that a Securities and Exchange Commission filer may present other comprehensive income either in a single continuous statement or in two separate but consecutive statements.  The filer is also required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented.  All of the amendments in this update apply to both annual and interim periods beginning after December 15, 2011.  Adoption of this guidance is not anticipated to have a material impact on our consolidated financial statements.

In May 2011, the FASB issued ASU 2011-04, which amends Subtopic 820 to clarify the application of existing common fair value measurement and disclosure requirements.   ASU 2011-04 provides clarification for the following:

1. the application of the highest and best use of valuation premise concepts;

2. measuring the fair value of an instrument classified in shareholders’ equity; and

3. disclosures about fair value measurements.

The amendments in this update become effective for interim and annual periods beginning after December 15, 2011.  Adoption of this guidance is not anticipated to have a material impact on our consolidated financial statements.