Recently Issued Accounting Pronouncements

12 Months Ended

Dec. 31, 2013

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Pronouncements

Note 4.  Recently Issued Accounting Pronouncements

In July 2013 the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). This guidance requires an entity to present unrecognized tax benefits as a decrease in a net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The determination of whether a deferred tax asset is available is based on the unrecognized tax benefit and the deferred tax asset that exists at the reporting date and presumes disallowance of the tax position at the reporting date.

The guidance will eliminate the diversity in practice in the presentation of unrecognized tax benefits but will not alter the way in which entities assess deferred tax assets for realizability.

The amendments are effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after 15 December 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after 15 December 2014. The amendments should be applied prospectively to unrecognized tax benefits that exist at the effective date. Early adoption is permitted.

In February 2013, FASB issued ASU 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income This guidance requires companies to report, in one place, information about reclassifications out of accumulated other comprehensive income (AOCI). Companies also are required to present reclassifications by component when reporting changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the period, companies must report the effect of the reclassifications on the respective line items in the statement where net income is presented. In certain circumstances, this can be done on the face of that statement. Otherwise, it must be presented in the notes. For items not reclassified to net income in their entirety in the period (e.g., pension amounts that are capitalized in inventory), companies must cross-reference in a note to other required disclosures.

The amendments are effective for public companies in fiscal years, and interim periods within those years, beginning after 15 December 2012. For nonpublic companies, the ASU is effective for fiscal years beginning after 15 December 2013, and interim and annual periods thereafter. The guidance should be applied prospectively.