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New Accounting Pronouncements
6 Months Ended
Jun. 30, 2011
New Accounting Pronouncements  
New Accounting Pronouncements

10.                In May 2011, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board completed their joint project on fair value measurement and issued their respective final standards.  The amended FASB guidance results in common fair value measurement and disclosure requirements for U.S. GAAP and International Financial Reporting Standards.  Many of the changes to U.S. GAAP clarified existing guidance.  Some changes, however, such as the change in the valuation premise and the application of premiums and discounts as well as new disclosure requirements, could have a more significant impact.  The new disclosure requirements include:  (1) enhanced disclosure for the valuation of all Level 3 fair value measurements; (2) disclosure of transfers between Level 1 and Level 2 fair value measurements on a gross basis, including reasons for those transfers; (3) disclosure about the highest and best use of non-financial assets; and (4) disclosure of the fair value hierarchy categorization for those assets whose fair value is disclosed but not recognized on the balance sheet.  The new FASB guidance is effective for interim and annual reporting periods beginning after December 15, 2011.  Early application is not permitted.  We are currently evaluating the impact of this guidance on our financial statements and disclosures.

 

        In June 2011, the FASB issued authoritative guidance that will require entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income.  The option to present the elements of other comprehensive income in the statement of changes in equity will be eliminated.  The new guidance is effective for interim and annual periods beginning after December 15, 2011, however early application is permitted.  We intend to comply with the new reporting requirements beginning with the first quarter of 2012.

 

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