ADOPTION OF NEW ACCOUNTING STANDARDS

6 Months Ended

Jun. 30, 2013

ADOPTION OF NEW ACCOUNTING STANDARDS [Abstract]

ADOPTION OF NEW ACCOUNTING STANDARDS

NOTE 3                      ADOPTION OF NEW ACCOUNTING STANDARDS

In February 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.”  ASU 2013-02 amends recent guidance related to the reporting of comprehensive income to enhance the transparency of the reporting of reclassifications out of accumulated other comprehensive income.  ASU 2013-02 became effective for the Corporation on January 1, 2013 and did not have a material impact on the Corporation’s financial statements.  The additional disclosures are included in Note 8 Accumulated Other Comprehensive Income or Loss.