||RECENT ACCOUNTING PROUNCEMENTS|
In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRS) of
Fair Value Measurement Topic 820. ASU 2011-04 is intended to provide a consistent definition of fair
value and improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance
with U.S. GAAP and IFRS. The amendments include those that clarify the FASBs intent about the application of
existing fair value measurement and disclosure requirements, as well as those that change a particular principle or requirement
for measuring fair value or for disclosing information about fair value measurements. This update is effective for annual
and interim periods beginning after December 15, 2011. The adoption of this ASU did not have a material impact on our financial
In December 2011, the FASB issued ASU No. 2011-11: Balance Sheet
(topic 210): Disclosures about Offsetting Assets and Liabilities, which requires new disclosure requirements mandating
that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of
financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In
addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar
arrangements. This ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim
periods within those annual periods. Entities should provide the disclosures required retrospectively for all comparative
periods presented. We are currently evaluating the impact of adopting ASU 2011-11 on the financial statements.
The FASB issued Accounting Standards Update (ASU) No. 2012-02IntangiblesGoodwill
and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, on July 27, 2012, to simplify the testing
for a drop in value of intangible assets such as trademarks, patents, and distribution rights. The amended standard reduces the
cost of accounting for indefinite-lived intangible assets, especially in cases where the likelihood of impairment is low. The changes
permit businesses and other organizations to first use subjective criteria to determine if an intangible asset has lost value.
The amendments to U.S. GAAP will be effective for fiscal years starting after September 15, 2012. Early adoption is permitted. The
adoption of this ASU will not have a material impact on our financial statements.
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the
American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not
believed by management to have a material impact on the Companys present or future financial statements.