Recently Issued Accounting Pronouncements

9 Months Ended

Sep. 30, 2013

Recently Issued Accounting Pronouncements

(2) Recently Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (“FASB”) amended the authoritative guidance related to comprehensive income. This update requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The update is effective for fiscal years and interim periods beginning after December 15, 2012. The adoption of this new standard does not have an effect on the Company’s consolidated financial statements but may require additional disclosure when applicable.

In July 2013, the FASB issued a new accounting standard update on the financial presentation of unrecognized tax benefits. The update provides guidance on the presentation of unrecognized tax benefits to reflect the manner in which companies would settle any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The update is effective for fiscal years and interim periods beginning after December 15, 2013. The Company anticipates that the adoption of this standard will not have a material impact on its consolidated financial statements or footnote disclosures.