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Recent Accounting Pronouncements
6 Months Ended
Jun. 30, 2013
Recent Accounting Pronouncements

Note 18 – Recent Accounting Pronouncements

 

In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-11 Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). ASU 2013-11 requires entities to present unrecognized tax benefits as a reduction of a deferred tax asset for a net operating loss, a similar loss or tax credit carryforward in certain circumstances.  Our current reporting practice is in compliance with requirements of ASU 2013-11 and its adoption had no effect on our Consolidated Financial Statements.