Recently Adopted Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements [Abstract]

Recently Adopted Accounting Pronouncements

2.	Recently Adopted Accounting Pronouncements

On January 1, 2011 the Company adopted Accounting Standards Update (“ASU”) 2009-13, Revenue Recognition (Topic 605), Multiple-Deliverable Arrangements. ASU 2009-13 amends the guidance that in the absence of vendor-specific objective and third-party evidence for deliverables in multiple-deliverable arrangements, companies will be required to develop a best estimate of the selling price to separate deliverables and allocate arrangements consideration using the relative selling price method. ASU 2009-13 expands the disclosure requirements for multiple-deliverable revenue arrangements. The adoption of ASU 2009-13 has not had a material impact on the financial statements.

On January 1, 2011 the Company adopted ASU 2009-14, Software (Topic 985), Certain Revenue Arrangements that Include Software Elements. ASU 2009-14 amends the guidance to exclude from the scope of software revenue accounting requirements tangible products if the product contains both software and non-software components that function together to deliver a product’s essential functionality and factors to consider in determining whether a product is within the scope of the guidance. The adoption of ASU 2009-14 has not had a material impact on the financial statements.

- Definition

Disclose: (1) the nature of and reason for the change, including an explanation of why the newly adopted accounting principle is preferable; (2) the method of applying the change and (i) a description of prior-period information that has been retrospectively adjusted, if any (ii) the effect of the change on income from continuing operations, net income (or other appropriate captions of changes in in the applicable net assets or performance indicator), any other affected financial statement line item, and any affected per-share amounts for the current period and any prior periods retrospectively adjusted (iii) the cumulative effect of the change on retained earnings or other components of equity or net assets in the statement of financial position as of the beginning of the earliest period presented (iv) if retrospective application is impracticable, the reasons therefore and a description of the alternative method used to report the change.

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