Recent Accounting Pronouncements Issued or Adopted
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9 Months Ended | ||
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Sep. 30, 2012
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Recent Accounting Pronouncements Issued or Adopted |
On
May 12, 2011, the Financial Accounting Standards Board
(“FASB”), together with the International Accounting
Standards Board, jointly issued Accounting Standards Update
(“ASU”) 2011-04, Amendments to Achieve Common
Fair Value Measurement and Disclosure Requirements in U.S. GAAP and
IFRS. The provisions of ASU 2011-04 give fair value the same
meaning between U.S. GAAP and International Financial Reporting
Standards, and improve consistency of disclosures relating to fair
value. For public entities, the amendments are effective during
interim and annual periods beginning after December 15, 2011. The
adoption of this amendment did not have a material impact on our
consolidated financial position, results of operations, or cash
flows.
In
June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic
220): Presentation of Comprehensive Income. The amendments
in this ASU require all non-owner changes in stockholders’
equity to be presented either in a single continuous statement of
comprehensive income or in two separate but consecutive statements.
For public entities, the amendments are effective for fiscal years,
and interim periods within those years, beginning after December
15, 2011. The adoption of this amendment did not have a material
impact on our consolidated financial position, results of
operations, or cash flows.
In
September 2011, the FASB issued ASU 2011-08, Intangibles
– Goodwill
and Other. This ASU's objective is to simplify the process
of performing impairment testing for Goodwill. With this update, a
company is allowed to first assess qualitative factors to determine
if it is more likely than not (greater than 50%) that the fair
value of its goodwill and intangible assets is less than the
carrying amount. This step is done prior to performing the
two-step goodwill impairment testing, as prescribed by Topic 350.
This ASU is effective for annual and interim goodwill impairment
tests performed for fiscal years beginning after December 15, 2011.
The adoption of this amendment did not have a material impact on
our consolidated financial position, results of operations or cash
flows.
In
July 2012, the FASB issued ASU 2012-02, Intangibles – Goodwill
and Other (Topic 350): Testing Indefinite-Lived Intangible Assets
for Impairment. This amendment is an update of ASU 2011-08,
specifically for consistency of approach in assessing impairment
for Indefinite-Lived assets and permits an entity first to assess
qualitative factors to determine whether it is more likely than not
that an indefinite-lived intangible asset is impaired as a basis
for determining whether it is necessary to perform the quantitative
impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and
Other - General Intangibles Other than Goodwill. The
more-likely-than-not threshold is defined as having a likelihood of
more than 50 percent. This ASU is effective for annual and interim
periods beginning after September 15, 2012. Early adoption is
permitted. The adoption of this amendment will not have a material
impact on our consolidated financial position, results of
operations or cash flows.
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