Impact of Recently Issued Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Impact of Recently Issued Accounting Pronouncements [Abstract]

Impact of Recently Issued Accounting Pronouncements

(2)       Impact of Recently Issued Accounting Pronouncements

Fair Value Measurements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued “Fair Value Measurements and Disclosures - Improving Disclosures about Fair Value Measurements.”  This statement requires new disclosures and clarifies some existing disclosure requirements about fair value measurement.  Disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years.  The effect of adopting this pronouncement did not have an impact on the Company's financial position or results of operations.

Revenue Recognition – Milestone Method

In April 2010, the Emerging Issues Task Force issued “Revenue Recognition – Milestone Method.”  This issue provides guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions.  This issue is effective on a prospective basis for milestones achieved in fiscal years beginning after June 15, 2010.  The adoption of this standard did not have a material impact on the Company's financial position or results of operations.

Comprehensive Income

In June 2011, the FASB issued “Comprehensive Income – Presentation of Comprehensive Income”.  This statement gives companies two options for presenting other comprehensive income (“OCI”), which currently is included as part of the statement of shareholder's equity.  An OCI statement can be included within the income statement, which together will make a statement of total comprehensive income.  Alternatively, companies can have an OCI statement separate from an income statement, but the two statements will have to appear consecutively within a financial report.  This statement is effective for fiscal quarters and years beginning after December 15, 2011.  The effect of adopting this statement will not have an impact on the Company's financial position or results of operations.