CURRENT ACCOUNTING DEVELOPMENTS

3 Months Ended

Mar. 31, 2012

CURRENT ACCOUNTING DEVELOPMENTS [Abstract]

CURRENT ACCOUNTING DEVELOPMENTS

10.           CURRENT ACCOUNTING DEVELOPMENTS

In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to achieve Common Fair Value Measurement (Topic 820) and Disclosure Requirement in U.S. GAAP and International Financial Reporting Standards ("IFRS").  The amendments were issued to achieve convergence between U.S. GAAP and IFRS.  The guidance clarifies how a principal market is determined, addresses the fair value measurement of instruments with offsetting market or counterparty credit risks and the concept of valuation premise and highest and best use, extends the prohibition on blockage factors to all three levels of the fair value hierarchy, and requires additional disclosures.  ASU No. 2011-04 was effective for the Company on January 1, 2012 and was to be applied prospectively.  Adoption of this guidance did not have a material impact on the Company's financial position or results of operations, but did result in additional disclosures within the fair value footnote.

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in ASU No. 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position.  Amendments under ASU No. 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013.  The Company does not expect the adoption of this guidance would have a material impact on its consolidated financial position.