ADOPTION OF RECENTLY ISSUED ACCOUNTING GUIDANCE

6 Months Ended

Jun. 30, 2012

ADOPTION OF RECENTLY ISSUED ACCOUNTING GUIDANCE [Text Block]

3. ADOPTION OF RECENTLY ISSUED ACCOUNTING GUIDANCE

In July 2012, the Financial Accounting Standards Board issued updated guidance for performing an impairment test for indefinite -lived intangible assets. In accordance with the updated guidance, an entity will first have an option to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. The updated guidance is effective for fiscal year beginning after September 15, 2012, with early adoption permitted. The Company does not expect the updated guidance to have an impact on the Company’s condensed consolidated financial position, results of operations or cash flows.