In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income.”  This ASU intends to enhance comparability and transparency of other comprehensive income components.  The guidance provides an option to present total comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  This ASU eliminates the option to present the components of other comprehensive income as part of the statement of stockholders’ equity.  The provisions of this ASU will be applied retrospectively for interim and annual periods beginning after December 15, 2011.  There will be no impact to the consolidated financial results as this ASU relates only to changes in financial statement presentation.

 

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (Topic 820)—Fair Value Measurement.” This ASU clarifies certain concepts related to the fair value measurement of financial instruments and related disclosures.  The provisions of this ASU are effective prospectively for interim and annual periods beginning on or after December 15, 2011.  The company is currently evaluating the impact of the pending adoption of this ASU on its financial statements.