Annual report pursuant to section 13 and 15(d)

Recent Accounting Pronouncements

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Recent Accounting Pronouncements
12 Months Ended
Dec. 31, 2012
New Accounting Pronouncements and Changes In Accounting Principles [Abstract]  
Recent Accounting Pronouncements

Note 3 – Recent Accounting Pronouncements

 

The following is a summary of a recent accounting pronouncement that is relevant to the Company:

 

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. ASU 2011-4 is intended to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The amendments are of two types: (i) those that clarify the Board’s intent about the application of existing fair value measurement and disclosure requirements and (ii) those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The guidance is effective for annual periods beginning after December 15, 2011. The adoption of the provisions of this guidance did not materially impact our financial statements.