Recently Issued or Adopted Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

Recently Issued or Adopted Accounting Pronouncements

Recently Issued or Adopted Accounting Pronouncements

(E)

Recently Issued or Adopted Accounting Pronouncements.    In May 2011, the Financial Accounting Standards Board issued "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards." The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements, but do not result in a change in the application of ASC 820 "Fair Value Measurements." These changes were effective for us on January 1, 2012. Our adoption of this standard did not have a material effect on our condensed financial statements.

• In June 2011, the FASB issued "Comprehensive Income (Topic 220) Presentation of Financial Statements" which amended certain provisions of ASC 220 "Comprehensive Income." These provisions change the presentation requirements for other comprehensive income and total comprehensive income and require one continuous statement or two separate but consecutive statements. Presentation of other comprehensive income in the statement of stockholders' equity is no longer permitted. These provisions are effective for fiscal and interim periods beginning after December 15, 2011. The adoption of these provisions did not have a material effect on our condensed financial statements.

  In December 2011, the FASB issued "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which modifies the disclosure requirements for offsetting financial instruments and derivative instruments. The update requires an entity to disclose information about offsetting and related arrangements and the effect of those arrangements on its financial position. This guidance is effective for our fiscal year ending December 31, 2013. We do not expect the adoption of this standard to have a material impact on our financial statements.