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| <NonNumbericText> <div> <p style="margin:0pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">NOTE 2—RECENT ACCOUNTING PRONOUNCEMENTS </font></p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:'Times New Roman'; font-size:10pt">Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU’s”) to the FASB’s Accounting Standards Codification (“ASC”). </font></p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:'Times New Roman'; font-size:10pt">The Company considers the applicability and impact of all ASU’s. ASU’s not listed below were assessed and determined to not be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. </font></p> <p style="margin:18pt 0pt 0pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Newly Adopted Accounting Standards </font></p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:'Times New Roman'; font-size:10pt">In July 2012, the FASB simplified guidance for testing for impairment of indefinite-lived intangible assets other than goodwill. The changes are intended to reduce compliance costs. The revised guidance allows a qualitative approach for testing indefinite-lived intangible assets for impairment, similar to the recently issued impairment testing guidance for goodwill and allows the option to first assess qualitative factors (events and circumstances) that could have affected the significant inputs used in determining the fair value of the indefinite-lived intangible asset to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the indefinite-lived intangible asset is impaired. An organization may choose to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to calculating its fair value. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">15, 2012. The adoption did not have a material impact on the Company’s consolidated financial statements. </font></p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt">In February 2013, the FASB issued guidance for reporting of amounts reclassified out of accumulated other comprehensive income. The revised guidance requires reporting the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about these amounts. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. The guidance is effective prospectively for reporting periods beginning after December</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">15, 2012. The adoption did not have a material impact on the Company’s consolidated financial statements. </font></p> <p style="margin:18pt 0pt 0pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">New Accounting Standards Not Yet Adopted </font></p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:'Times New Roman'; font-size:10pt">In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon de</font><font style="font-family:'Times New Roman'; font-size:10pt">-</font><font style="font-family:'Times New Roman'; font-size:10pt">recognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The revised guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The guidance is effective prospectively for reporting periods beginning after December</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">15, 2013. Early adoption is permitted. Management believes that the adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.</font></p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt"><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">In June 2013, the FASB determined that an unrecognized tax benefit should be presented as a reduction of a</font><font style="font-family:'Times New Roman'; font-size:10pt"> deferred tax asset for a net operating loss (“NOL”) </font><font style="font-family:'Times New Roman'; font-size:10pt">carryforward</font><font style="font-family:'Times New Roman'; font-size:10pt"> or other tax credit </font><font style="font-family:'Times New Roman'; font-size:10pt">carryforward</font><font style="font-family:'Times New Roman'; font-size:10pt"> when settlement in this manner is available under applicable tax law. This guidance is effective for the Company’s interim and annual periods beginning January 1, 2014. </font><font style="font-family:'Times New Roman'; font-size:10pt">Management believes that the adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.</font></p> </div> </NonNumbericText> |
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