New Accounting Pronouncements

12 Months Ended

Dec. 31, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

The following is a list of accounting standards that could have an impact on future financial statements or disclosures upon adoption:

In March 2013, the FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative

Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an

Investment in a Foreign Entity (“ASU 2013-05”). This amendment clarifies the applicable guidance for the release of

cumulative translation adjustment into net earnings. When an entity ceases to have a controlling financial interest in a

subsidiary or group of assets within a foreign entity, the entity is required to apply the guidance in FASB Accounting Standards

Codification (ASC) Topic 830-30 to release any related cumulative translation adjustment into net earnings. ASU 2013-05 is

effective prospectively for fiscal years, and interim reporting periods within those years, beginning January 1, 2014. The

adoption of this standard is not expected to have a material impact on the Company’s consolidated financial condition or results

of operations.

In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss

Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"), which provides guidance for the

financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a

tax credit carryforward exists. The Company will adopt the standard effective January 1, 2014. The adoption of this standard is

not expected to have a material impact on the Company's consolidated financial condition or results of operations.