Recently Issued Accounting Pronouncements
In February 2013, the Financial Accounting Standards Board, or “FASB,” issued updated guidance on the presentation of comprehensive income. The guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, if GAAP requires the amounts to be reclassified to net income in their entirety in the same reporting period, an entity must present on the face of the income statement or in the accompanying notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. If GAAP does not require the amounts to be reclassified to net income in their entirety, an entity must cross-reference to other disclosures required by GAAP that provide additional detail about those amounts. For public entities, the amendments in this update are effective prospectively for reporting periods beginning after December 15, 2012. We do not expect our adoption of the new guidance to have a material impact on our consolidated financial statements.
