Annual report pursuant to Section 13 and 15(d)

Recent Accounting Standards

v2.4.0.6
Recent Accounting Standards
12 Months Ended
Dec. 31, 2012
Recent Accounting Standards [Abstract]  
Significant Accounting Policies [Text Block]
Recent Accounting Standards
 
Forward Looking Accounting Standards Updates

In July 2012, the FASB issued ASU No. 2012-02 (ASU 2012-02), "Testing Indefinite-Lived Intangible Assets for Impairment," which allows entities to use a qualitative approach to test indefinite-lived intangible assets for impairment. ASU 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed quantitative impairment test. Otherwise, the quantitative impairment test is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not believe that the adoption of the provisions of ASU 2012-02 will have a material impact on its operating results or financial position.