XML 13 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
- Recent accounting Policies
 9 Months Ended
Sep. 30, 2012
- Recent accounting Policies

Note 3 - Recent accounting Policies

 

In July of 2012 changes were issued by the Financial Accounting Standards Board (FASB) regarding Entertainment - Films in which it discusses accounting for Fair Value Information That arises after the Measurement Date and its inclusion in the Impairment Analysis of Unamortized Film Costs.  There will be no changes in our presentation with regards to this new standard as it does not affect our Consolidated Financial Statement.

 

In June of 2012, the FASB issued a standard regarding Business Combinations as a consensus of the FASB Emerging Issues Task Force updated the above standard stating that subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government-assisted acquisition of a financial institution.  After reviewing we found that there will be no changes in our presentation with regards to this new standard as it has no impact on the Consolidated Financial Statements.

 

In May of 2012 an Update to the Statement of Cash Flows was issued by the FASB stating that Not-for-Profit Entities are required to classify their sales proceeds of donated financial assets in the statement of cash flows as a consensus of the FASB Emerging Issues Task Force.  This has no implication for us and will not change our Consolidated Cash Flow. 

 

An update to Technical Amendments and Corrections to SEC Sections: was issued March of 2012 by FASB stating amendments to SEC Paragraphs Pursuant to SEC Staff accounting bulletin No. 114, Technical Amendments pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting standards Update 2010-22 (SEC Update).

 

In February 2012 an update by FASB was made to Intangibles - Goodwill and Other (Topic 350) regarding testing indefinite live intangible assets for impairment.  As well in January 2012 an update was made to Health Care Entities (Topic 954) by the FASB regarding continuing care retirement communities - refundable advance fees.