Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2012

Recently Issued Accounting Standards

Note 2. Recently Issued Accounting Standards

Adopted Accounting Standards

In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02, “Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” This topic permits an entity to assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount as a basis to determine whether an additional impairment test is necessary. This topic is for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012 with early adoption allowed. The Company will adopt this topic during the fourth quarter of 2012 in conjunction with its annual impairment testing.

In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurements (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” This topic clarifies the application of existing fair value measurements and disclosure requirements and certain changes to principles and requirements for measuring fair value. This update is to be applied prospectively and is effective during interim and annual periods beginning after December 15, 2011. The Company adopted this ASU on January 1, 2012, and it did not have an effect on its consolidated financial statements.