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ACCOUNTING PRONOUNCEMENTS
6 Months Ended
Jun. 30, 2013
ACCOUNTING PRONOUNCEMENTS  
ACCOUNTING PRONOUNCEMENTS

NOTE 3                         ACCOUNTING PRONOUNCEMENTS

 

Future Accounting Changes

 

Obligations Resulting from Joint and Several Liability Arrangements

In February 2013, the Financial Accounting Standards Board (FASB) issued guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Examples of obligations within the scope of this Accounting Standards Update (ASU) include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. This ASU is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Partnership is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements, but does not expect it to have a material impact.