Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2012

RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

RECENT ACCOUNTING PRONOUNCEMENTS:

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in US GAAP and IFRSs, (ASU 2011-04), which amends ASC 820. This update clarifies the existing guidance and amends the wording used to describe many of the requirements in US GAAP for measuring fair value and for disclosing information about fair value measurements. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with prospective application required. This update did not have a material effect on our consolidated financial statements.

In June 2011, the FASB issued Accounting Standards Update (ASU) 2011-05, Presentation of Comprehensive Income (ASU 2011-05). This update requires entities to present items of net income and other comprehensive income either in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive, statements of net income and other comprehensive income. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with retrospective applications required. This update did not have a material effect on our consolidated financial statements.