XML 21 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3: Recent Accounting Pronouncements
3 Months Ended
Sep. 30, 2013
Notes  
Note 3: Recent Accounting Pronouncements

NOTE 3: RECENT ACCOUNTING PRONOUNCEMENTS

 

In February 2013, the FASB issued ASU No. 2013-02 to amend FASB ASC Topic 220, Reporting Items Reclassified Out of Accumulated Other Comprehensive Income.  The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income.  The amendments in this Update require an entity to disaggregate the total change of each component of other comprehensive income (e.g., unrealized gains or losses on available-for-sale investment securities) and separately present reclassification adjustments and current period other comprehensive income.  The Update does not change the current requirements for reporting of net income or other comprehensive income.  The Update was effective for the Company January 1, 2013, and did not have a material impact on the Company’s financial position or results of operations.

 

In July 2013, the FASB issued ASU No. 2013-10 to amend FASB ASC Topic 815, Derivatives and Hedging.  The Update permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to interest rates on treasury obligations of the U.S. Government and LIBOR rates, which were previously allowed.  The Update was effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013.  The Update did not have a material impact on the Company’s financial position or results of operations. 

 

In July 2013, the FASB issued ASU No. 2013-11 to amend FASB ASC Topic 740, Income Taxes.  The objective of this Update is to provide explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exist.  An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in specific situations as described in the Update.  The Update will be effective for the Company beginning January 1, 2014, and is not expected to have a material impact on the Company’s financial position or results of operations.