Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2012

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

Note 10 - Recent Accounting Pronouncements

(ASU No. 2011-2)  In April 2011, the FASB issued "Receivables (Topic 310) - A Creditor's Determination of Whether a Restructuring is a Troubled Debt Restructuring." ASU 2011-2 provides additional guidance to assist creditors in determining whether a restructuring of a receivable meets the criteria to be considered a troubled debt restructuring.  The impact of ASU 2011-2 on the Company's disclosure is reflected in Note 6 to the condensed consolidated financial statements.

(ASU 2011-4) In May 2011, the FASB issued an Update related to fair value measurements (Topic 820) and disclosure requirements.  The Update results in common fair value measurement and disclosures in U.S. GAAP and IFRS by changing the wording used to describe many of the fair value measurement requirements in U.S. GAAP or to clarify the FASB's intent about the application of existing fair value measurement requirements.    The amendments were adopted beginning in the first quarter of 2012 and applied to the Company's financial statements prospectively.

(ASU 2011-5) In June 2011, the FASB issued an Update on the Presentation of Comprehensive Income (Topic 220), which was amended in October 2011.  The Update changes the reporting and presentation of comprehensive income on the face of the financial statements and provides two options of presentation- a single statement including net income and the components of other comprehensive income or two separate statements.  The Update eliminates the option of presenting the components of other comprehensive income in the statement of changes in stockholders' equity.  The amendments in this Update were adopted beginning in the first quarter of 2012 and will be applied to the Company's financial statements retrospectively.