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2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS ADOPTED DURING 2012
ÌýÌýÌýÌýÌýÌýÌýÌýIn May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.Ìý2011-04, Fair Value Measurement (TopicÌý820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.ÌýGAAP and IFRSs, providing a consistent definition of fair value between U.S.ÌýGAAP and International Financial Reporting Standards ("IFRSs") as well as developing common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S.ÌýGAAP and IFRSs. The amendments in this ASU were effective prospectively for interim and annual periods beginning after DecemberÌý15, 2011. We adopted the amendments of this ASU effective JanuaryÌý1, 2012, and the initial adoption of the amendments in this ASU did not have a significant impact on our condensed consolidated financial statements (unaudited).
ÌýÌýÌýÌýÌýÌýÌýÌýIn June 2011, the FASB issued ASU No.Ìý2011-05, Comprehensive Income (TopicÌý220): Presentation of Comprehensive Income, requiring entities to present net income and other comprehensive income in either a single continuous statement of comprehensive income or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present components of other comprehensive income as part of the statement of equity is eliminated. The amendments do not change the option to present components of other comprehensive income either net of related tax effects or before related tax effects, with one amount shown for the aggregate income tax expense or benefit related to the total of other comprehensive income components. The amendments in this ASU were effective retrospectively for fiscal years, and interim periods within those years, beginning after DecemberÌý15, 2011. We adopted this ASU effective JanuaryÌý1, 2012 and have presented our consolidated net income and consolidated comprehensive income in two separate, but consecutive, statements.
ACCOUNTING PRONOUNCEMENTS PENDING ADOPTION IN FUTURE PERIODS
ÌýÌýÌýÌýÌýÌýÌýÌýIn September 2011, the FASB issued ASU No.Ìý2011-08, Intangibles—Goodwill and Other (TopicÌý350): Testing Goodwill for Impairment. The guidance in this ASU is intended to reduce complexity and costs of the annual goodwill impairment test by providing entities with the option of performing a qualitative assessment to determine whether further impairment testing is necessary. The amendments in this ASU include examples of events and circumstances that might indicate that a reporting unit's fair value is less than its carrying value. The amendments in this ASU are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after DecemberÌý15, 2011 with early adoption permitted. We did not early adopt the provisions of this ASU for our annual impairment test on JulyÌý1, 2011 and do not expect the adoption of the amendments in this ASU to have a significant impact on our condensed consolidated financial statements (unaudited).
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