XML 24 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
New Accounting Pronouncements
 3 Months Ended
Mar. 31, 2014
New Accounting Pronouncements

2. New Accounting Pronouncements

In July 2013, the FASB issued new guidance requiring the financial statement presentation of an unrecognized tax benefit in a particular jurisdiction, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward, unless the uncertain tax position is not available to reduce, or would not be used to reduce, the NOL or carryforward under the tax law in the same jurisdiction; otherwise, the unrecognized tax benefit should be presented as a gross liability and should not be combined with a deferred tax asset. This new guidance is effective for interim and annual periods beginning after December 15, 2013. On January 1, 2014, the Company adopted the new guidance which did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

Other recently issued accounting pronouncements not effective until after March 31, 2014 are not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.