Recently Adopted and Recently Issued Accounting Standards

6 Months Ended

Jun. 30, 2011

Recently Adopted and Recently Issued Accounting Standards

Recently Adopted and Recently Issued Accounting Standards

2.     Recently Adopted and Recently Issued Accounting Standards

The following accounting standards have been adopted in 2011:

On January 1, 2011, the Company adopted Financial Accounting Standards Board (“FASB”) issued changes related to the accounting for revenue recognition when multiple-deliverable revenue arrangements are present.  The changes eliminated the residual method of revenue allocation and require revenue to be allocated using the relative selling price method.  This method requires a vendor to use its best estimate of selling price if neither vendor-specific objective evidence nor third-party evidence of selling price exists when evaluating multiple deliverable arrangements.  The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

On January 1, 2011, the Company adopted FASB issued changes to disclosure requirements for fair value measurements.  The changes required a reporting entity to disclose, in the reconciliation of fair value measurements using significant unobservable inputs (Level 3), separate information about purchases, sales, issuances, and settlements (that is, on a gross basis rather than as one net number).  The adoption of these changes did not have a material impact on the Company’s consolidated financial statements.

The following accounting standards have been issued and become effective for the Company at various future dates:

In May 2011, the FASB issued changes related to fair value measurement and disclosure.  The changes are the result of convergence with International Financial Reporting Standards and relate to how to measure fair value and expand on existing disclosure requirements.  These changes become effective for the Company beginning January 1, 2012.  Management is currently evaluating the requirements of these changes but does not believe that the changes will have a material impact on the Company’s consolidated financial statements.

In June 2011, the FASB issued changes related to the presentation of comprehensive income.  The changes remove certain presentation options and require entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements.  There is no change to the items that are reported in other comprehensive income.  The changes become effective for the Company beginning January 1, 2012.  Other than the sequencing of financial statements, management has determined these changes will not have an impact on the Company’s consolidated financial statements.