Note 3: Recent Accounting Pronouncements: Goodwill and Other Accounting Standards Update Policy (Policies)

3 Months Ended

Sep. 30, 2012

Policies

Goodwill and Other Accounting Standards Update Policy

In July 2012, the FASB issued ASU No. 2012-02 to amend FASB ASC Topic 350, Intangibles – Goodwill and Other.  The Update clarifies the process of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and improves consistency in impairment testing guidance among long-lived asset categories.  The Update will be effective for the Company January 1, 2013, and is not expected to have a material impact on the Company’s financial position or results of operations.