New Accounting Pronouncements

3 Months Ended

Mar. 31, 2013

New Accounting Pronouncements

2. New Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (the “FASB”) issued new guidance for the reporting of amounts reclassified out of accumulated other comprehensive income. The new guidance requires the presentation of amounts reclassified out of accumulated other comprehensive income by the respective line items of net income where the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. The adoption of the new pronouncement did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s financial position, results of operations or cash flows.