RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Jun. 30, 2012

RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 2.  RECENT ACCOUNTING PRONOUNCEMENTS

Fair Value Measurement and Disclosure:  In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards," (Topic 820) - Fair Value Measurement (ASU 2011-04), to clarify guidance and minimize differences between accounting principles generally accepted in the U.S. and International Financial Reporting Standards.  Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed.  The amended guidance is applied prospectively and is effective for the Company beginning on April 1, 2012.  The adoption of this amendment did not have a material impact on our consolidated financial position, results of operations and cash flows.

Presentation of Comprehensive Income:  In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income," (Topic 220) - Comprehensive Income (ASU 2011-05), to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  ASU 2011-05 eliminates the currently available option to present the components of other comprehensive income as part of the statement of shareholders' equity.  The amendment does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.  The amendment is effective for the Company beginning on April 1, 2012.  As this guidance relates to presentation only, the adoption of this guidance did not have any other effect on the Company's consolidated financial statements.

Testing Goodwill for Impairment:  In September 2011, the FASB issued ASU No. 2011-08, "Testing Goodwill for Impairment," (Topic 350) - Intangibles - Goodwill and Other (ASU 2011-08), to allow entities to use a qualitative approach to test goodwill for impairment.  ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.  If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test.  Otherwise, the two-step goodwill impairment test is not required.  The amendment is effective for the Company beginning on April 1, 2012.  We will assess the impact of the guidance if and when such transactions occur.