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Newly Issued but Not Yet Effective Accounting Pronouncements
3 Months Ended
Mar. 31, 2012
Newly Issued but Not Yet Effective Accounting Pronouncements

Note 9 – Newly Issued but Not Yet Effective Accounting Pronouncements

 

In December 2011, the FASB issued new guidance ASU No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This new guidance requires expanded information about financial instruments or derivatives that are either presented on a net basis in the balance sheet or subject to an enforceable master netting arrangement or similar arrangement. The new guidance does not change existing offsetting criteria in U.S. GAAP or the permitted balance sheet presentation for items meeting the criteria. The new disclosure requirements in the ASU are intended to enhance comparability between financial statements prepared using U.S. GAAP and those prepared using IFRS. The Company does not expect this guidance to have an impact on its consolidated financial statements.