New Accounting Pronouncements

9 Months Ended

Sep. 30, 2012

New Accounting Pronouncements

15. New Accounting Pronouncements

In July, 2012, the FASB issued new accounting guidance surrounding impairment testing for indefinite lived intangible assets. The new guidance allows for an entity to elect first assessing qualitative factors when evaluating for impairment. If qualitative factors indicate that there may be impairment, prior guidance using quantitative factors should still be applied. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. This guidance will not have a material impact on the Company’s consolidated statements of financial position or results of operations.