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NEW ACCOUNTING STANDARDS
 6 Months Ended
Jun. 30, 2011
Accounting Changes and Error Corrections [Abstract]  
NEW ACCOUNTING STANDARDS
NOTE 8.  NEW ACCOUNTING STANDARDS

Accounting Standards Update (“ASU”) 2010-20
The objective of this ASU is for an entity to provide disclosures that facilitate financial statement users' evaluation of the following:

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The nature of credit risk inherent in the entity's portfolio of financing receivables;
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How that risk is analyzed and assessed in arriving at the allowance for credit losses; and
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The changes and reasons for those changes in the allowance for credit losses.

To achieve these objectives, an entity should provide disclosures on a disaggregated basis on two defined levels: (1) portfolio segment; and (2) class of financing receivable. The ASU makes changes to existing disclosure requirements and includes additional disclosure requirements about financing receivables, including:

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Credit quality indicators of financing receivables at the end of the reporting period by class of financing receivables;
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The aging of past due financing receivables at the end of the reporting period by class of financing receivables; and
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The nature and extent of troubled debt restructurings that occurred during the period by class of financing receivables and their effect on the allowance for credit losses.

The disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010. The disclosures about activity that occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010.  The adoption of the amendments in this update had no effect on the operating results or financial position of the Company.
 
In April 2011, FASB issued ASU 2011-02 Receivables “A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring”.  The amendments in this Update apply to all creditors that restructure receivables that fall within the scope of Subtopic 310-40, Receivables-Trouble Debt Restructuring by Creditors.  This ASU clarifies the guidance in evaluating whether a loan modification constitutes a troubled debt restructuring and requires that a creditor must separately conclude that both a concession was made and that the debtor is experiencing financial difficulties.  In addition, the amendments to Topic 310 clarify that a creditor is precluded from using the effective interest rate test in the debtor's guidance on restructuring of payables (paragraph 470-60-55-10) when evaluating whether a loan modification constitutes a troubled debt restructuring.  This ASU is effective for interim and annual periods ending after June 15, 2011 for public companies.  The Company is currently evaluating the effect the adoption of this ASU will have on its consolidated financial position, cash flows or operations.