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Recent Accounting Pronouncements (Policies)
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9 Months Ended |
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Sep. 30, 2012
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| Recent Accounting Pronouncements [Abstract] | |
| Recent Accounting Pronouncement |
Recently Adopted: In May 2011, the FASB issued guidance to amend the accounting and disclosure requirements on fair value measurements. The new guidance limits the highest-and-best-use measure to nonfinancial assets, permits certain financial assets and liabilities with offsetting positions in market or counterparty credit risks to be measured at a net basis, and provides guidance on the applicability of premiums and discounts. Additionally, the new guidance expands the disclosures on Level 3 inputs by requiring quantitative disclosure of the unobservable inputs and assumptions, as well as description of the valuation processes and the sensitivity of the fair value to changes in unobservable inputs. The new guidance was effective for annual periods beginning after December 15, 2011. Other than requiring additional disclosures, the full adoption of this new guidance has not had an impact on the Company’s consolidated financial statements.
In June 2011, the FASB issued guidance on presentation of comprehensive income. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Instead, an entity will be required to present either a continuous statement of net income and other comprehensive income or in two separate but consecutive statements. This new guidance was effective for fiscal years and interim periods beginning after December 15, 2011 and was adopted by the Company on January 1, 2012. The adoption of this new guidance did not have an impact on the Company’s consolidated financial statements. Issued (Not adopted yet): In December 2011, the FASB issued guidance on offsetting (netting) assets and liabilities. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The new guidance is effective for annual periods beginning after January 1, 2013. We do not expect the adoption of this new guidance to have an impact on the Company’s consolidated financial statements. |
| Fair value measurements |
In May 2011, the FASB issued guidance to amend the accounting and disclosure requirements on fair value measurements. The new guidance limits the highest-and-best-use measure to nonfinancial assets, permits certain financial assets and liabilities with offsetting positions in market or counterparty credit risks to be measured at a net basis, and provides guidance on the applicability of premiums and discounts. Additionally, the new guidance expands the disclosures on Level 3 inputs by requiring quantitative disclosure of the unobservable inputs and assumptions, as well as description of the valuation processes and the sensitivity of the fair value to changes in unobservable inputs. The new guidance was effective for annual periods beginning after December 15, 2011. Other than requiring additional disclosures, the full adoption of this new guidance has not had an impact on the Company’s consolidated financial statements. |
| Presentation of comprehensive income |
In June 2011, the FASB issued guidance on presentation of comprehensive income. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Instead, an entity will be required to present either a continuous statement of net income and other comprehensive income or in two separate but consecutive statements. This new guidance was effective for fiscal years and interim periods beginning after December 15, 2011 and was adopted by the Company on January 1, 2012. The adoption of this new guidance did not have an impact on the Company’s consolidated financial statements. |
| Offsetting (netting) assets and liabilities |
In December 2011, the FASB issued guidance on offsetting (netting) assets and liabilities. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The new guidance is effective for annual periods beginning after January 1, 2013. We do not expect the adoption of this new guidance to have an impact on the Company’s consolidated financial statements. |