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Note 2 - Accounting Policies
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9 Months Ended |
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Sep. 30, 2012
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| Significant Accounting Policies [Text Block] |
NOTE
2 – ACCOUNTING POLICIES
Use
of Estimates
The
preparation of consolidated financial statements in
conformity with accounting principles generally accepted in
the United States of America requires management to make
estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial
statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could
differ from those estimates.
New
Accounting Pronouncements
In
July 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill
and Other (Topic 350): Testing Indefinite-Lived
Intangible Assets for Impairment ("ASU
2012-02"). ASU
2012-02 provides entities with an option to first assess
qualitative factors to determine whether events or
circumstances indicate that it is more likely than not
that the indefinite-lived intangible asset is impaired.
If an entity concludes that it is more than 50% likely
that an indefinite-lived intangible asset is not
impaired, no further analysis is required. However, if an
entity concludes otherwise, it would be required to
determine the fair value of the indefinite-lived
intangible asset to measure the amount of actual
impairment, if any, as currently required under US GAAP.
ASU 2012-02 is effective for annual and interim
impairment tests performed for fiscal years beginning
after September 15, 2012. Early adoption is permitted.
Except for the option to perform the qualitative
assessment, the Company does not anticipate that the
adoption of the new standard will have a material impact
on the Company.
In
December 2011, the FASB issued guidance on offsetting
(netting) assets and liabilities. Entities are required
to disclose both gross information and net information
about both instruments and transactions eligible for
offset in the statement of financial position and
instruments and transactions subject to an agreement
similar to a master netting arrangement. This guidance
will be effective for interim and annual periods
beginning on January 1, 2013, and will be applied
retrospectively for all comparative periods presented.
The adoption of this guidance will result in increased
interim and annual financial statement disclosures, but
will not affect our financial condition, results of
operations, or cash flows.
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