New Accounting Pronouncements

9 Months Ended

Sep. 30, 2011

New Accounting Pronouncements

New Accounting Pronouncements

15. New Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued guidance related to the financial statement presentation of other comprehensive income (“OCI”). The guidance requires that OCI be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This new guidance is effective for fiscal years, and interim periods, beginning after December 15, 2011.  Adoption of this guidance only impacts presentation and disclosure of OCI, with no impact on the Company’s results of operations, financial position or cash flows.

In September 2011, the FASB issued guidance related to testing goodwill for impairment.  The guidance allows an entity to first assess qualitative factors to determine whether it is necessary to perform the annual quantitative test of goodwill impairment. This new guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Adoption of this guidance only impacts the goodwill impairment process, with no impact on the Company’s results of operations, financial position or cash flows.