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| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R10.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R5.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R11.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R4.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R1.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R3.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R7.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R6.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R2.htm | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R8.htm | |||||
| EXCEL - IDEA: XBRL DOCUMENT - GELTOLOGY INC | Financial_Report.xls | |||||
| XML - IDEA: XBRL DOCUMENT - GELTOLOGY INC | R9.htm | |||||
| EX-32.1 - GELTOLOGY INC | ex32-1.htm | |||||
| EX-31.2 - GELTOLOGY INC | ex31-2.htm | |||||
| EX-31.1 - GELTOLOGY INC | ex31-1.htm | |||||
| 10-Q - GELTOLOGY INC | geltology_10-q.htm | |||||
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Recent Accounting Pronouncements
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6 Months Ended |
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Jun. 30, 2012
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| Notes to Financial Statements | |
| Recent Accounting Pronouncements |
6. Recent Accounting Pronouncements
In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("IFRSs")." Under ASU 2011-04, the guidance amends certain accounting and disclosure requirements related to fair value measurements to ensure that fair value has the same meaning in U.S. GAAP and in IFRS and that their respective fair value measurement and disclosure requirements are the same. ASU 2011-04 is effective for public entities during interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company does not believe that the adoption of ASU 2011-04 will have a material impact on the Company's results of operation and financial condition.
In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU 2011-05") which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of shareholders' equity. Instead, comprehensive income must be reported in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after Dec. 15, 2011 with early adoption permitted. The Company does not believe that the adoption of ASU 2011-05 will have a material impact on the Company's results of operation and financial condition.
There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
