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NOTE B - NEW ACCOUNTING PRONOUNCEMENTS
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6 Months Ended |
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Jun. 30, 2011
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| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
NOTE
B - NEW ACCOUNTING PRONOUNCEMENTS
During
December 2010, the Financial Accounting Standards Board
(FASB) issued Accounting Standards Update (ASU)
No. 2010-28, “Intangibles—Goodwill and Other
(Topic 350): When to Perform Step 2 of the
Goodwill Impairment Test for Reporting Units with Zero or
Negative Carrying Amounts—a consensus of the FASB
Emerging Issues Task Force.” ASU No. 2010-28
requires entities with reporting units with zero or negative
carrying amounts to perform step 2 of the goodwill impairment
test if qualitative factors indicate that it is more likely
than not that a goodwill impairment exists. Any
goodwill impairment recorded upon the adoption of ASU No.
2010-28 is required to be recorded as a cumulative-effect
adjustment to beginning retained earnings. ASU No.
2010-28 is effective for fiscal years beginning after
December 15, 2010. The company is currently assessing the
effect that ASU No. 2010-28 will have on its results of
operations, financial position and cash flows.
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