Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

14. RECENT ACCOUNTING PRONOUNCEMENTS

In July 2013, the FASB issued changes to Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which require that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent one of these items is not available at the reporting date; the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance is effective for annual and interim periods beginning after December 15, 2013 and applied prospectively. The Company is assessing the impact of the standard but does not expect any material impact on its unaudited condensed consolidated financial statements.

In February 2013, the FASB issued changes to ASC Topic 220, Comprehensive Income, to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance is effective for the Company’s interim and annual reporting periods beginning January 1, 2013, and applied prospectively. The Company adopted this standard on January 1, 2013, and it did not have a material impact on its unaudited condensed consolidated financial statements.