NEW ACCOUNTING STANDARDS

9 Months Ended

Sep. 30, 2011

NEW ACCOUNTING STANDARDS.

NEW ACCOUNTING STANDARDS

NOTE 14.  NEW ACCOUNTING STANDARDS

On January 1, 2011, we adopted Accounting Standards Update (“ASU”) No. 2009-13, Revenue Recognition ASC Topic 605: Multiple-Deliverable Revenue Arrangements - a consensus of the FASB Emerging Issues Task Force (“ASU 2009-13”). ASU 2009-13 addresses the accounting for sales arrangements that include multiple products or services by revising the criteria for when deliverables may be accounted for separately rather than as a combined unit. Specifically, this guidance establishes a selling price hierarchy for determining the selling price of a deliverable, which is necessary to separately account for each product or service. This hierarchy provides more options for establishing selling price than existing guidance. The adoption of this standard did not have material impact on our consolidated results of operations and financial condition.

In June 2011, the Financial Accounting Standards Board issued ASU No. 2011-05, Presentation of Comprehensive Income (“ASU 2011-05”). ASU 2011-05 requires companies to present items of net income, items of other comprehensive income and total comprehensive income in one continuous statement or two separate but consecutive statements.  ASU 211-05 will be effective for our fiscal year beginning January 1, 2012. ASU 2011-05 is to be applied retrospectively, and early adoption is permitted. Adoption of this pronouncement is not expected to have a material effect on our consolidated financial statements.