RECENTLY ADOPTED ACCOUNTING GUIDANCE

3 Months Ended

Jun. 30, 2012

RECENTLY ADOPTED ACCOUNTING GUIDANCE

RECENTLY ADOPTED ACCOUNTING GUIDANCE

3.RECENTLY ADOPTED ACCOUNTING GUIDANCE

In September 2011, the Financial Accounting Standard Board (“FASB”) issued an update to existing guidance on testing goodwill for impairment. This update permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. If an entity concludes it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it need not perform the two-step impairment test. This update is effective for annual and interim goodwill impairment tests performed for fiscal years beginning April 1, 2012. The Company does not expect this guidance to have a material impact on the consolidated financial statements.

In June 2011, the FASB issued an amendment to the existing guidance on the presentation of comprehensive income. This amendment eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity, and instead requires that all nonowner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. The guidance is effective for fiscal years, and interim periods within those years, beginning April 1, 2012. This guidance did not have a material impact on the consolidated financial statements.