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Impact of Recently Issued Accounting Standards
 9 Months Ended
Sep. 30, 2012
Impact of Recently Issued Accounting Standards [Abstract]  
Impact of Recently Issued Accounting Standards

3. Impact of Recently Issued Accounting Standards

The recent pronouncements below may have a significant effect on the Company’s financial statements. Recent pronouncements that are not anticipated to have an impact on or are unrelated to the Company’s financial condition, results of operations, or related disclosures are not discussed.

Accounting Standards Update (“ASU”), No. 2011-04—In May 2011, the Financial Accounting Standards Board (“FASB”) issued an ASU, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards”, or IFRS. This update amends Accounting Standards Codification Topic 820, “Fair Value Measurement and Disclosure.” ASU 2011-04 clarifies the application of certain existing fair value measurement guidance and expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. The Company has adopted ASU 2011-04 as of January 1, 2012 and it has not had a significant impact on its financial position, results of operations or cash flows but on presentation and disclosure only .

ASU No. 2011-05—In June 2011, the FASB issued an ASU, “Presentation of Comprehensive Income.” ASU 2011-05 eliminates the option to report other comprehensive income and its components in the statement of changes in stockholders’ equity and requires an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company has adopted ASU 2011-05 as of January 1, 2012 and there has been no impact on its financial position, results of operations or cash flows but on presentation and disclosure only.

ASU No. 2011-08—In September 2011, the FASB issued an ASU, “Goodwill Impairment Testing”. For entities testing goodwill for impairment, ASU 2011-08 allows the option of performing a qualitative assessment before calculating the fair value of a reporting unit in step 1 of the impairment test. The two-step impairment test would be required only if the fair value of a reporting unit is qualitatively determined to be more likely than not less than the carrying amount. The Company has adopted the amendment provisions of ASU 2011-08 as of January 1, 2012 and it has not had an impact on its financial condition, results of operations or cash flows.