ASU 2009-13 are effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early application is permitted. We
are currently evaluating the potential effect, if any, the adoption of ASU 2009-13 will have on our financial position or results of operations.
In June 2009, the FASB issued guidance now codified within ASC Topic 810, Consolidation (ASC 810). ASC 810 requires an
enterprise to perform an analysis to determine whether the enterprises variable interest or interests give it a controlling financial interest in a variable interest entity. This analysis identifies the primary beneficiary of a variable
interest entity as one with the power to direct the activities of a variable interest entity that most significantly impact the entitys economic performance and the obligation to absorb losses of the entity that could potentially be
significant to the variable interest. The guidance is effective as of the beginning of the annual reporting period commencing after November 15, 2009, or January 1, 2010 for us, with early adoption prohibited. We do not expect its adoption
to have a material effect on our financial position or results of operations.
We adopted the following accounting standards during fiscal year 2009:
In August 2009, the FASB issued ASU 2009-05, Measuring Liabilities at Fair Value (ASU 2009-05). ASU 2009-05 provides
guidance on measuring the fair value of liabilities under ASC Topic 820, Fair Value Measurements and Disclosures (ASC 820). ASU 2009-05 describes various valuation methods that can be applied to estimating the fair values of
liabilities, requires the use of observable inputs and minimizes the use of unobservable valuation inputs. ASU 2009-05 is effective for the first interim or annual reporting period commencing after August 27, 2009, or October 1, 2009 for
us. We adopted ASU 2009-05 in our interim reporting for the period ended December 31, 2009. The adoption of ASU 2009-05 did not have any effect on our financial position or results of operations.
In June 2009, the FASB issued guidance now codified within ASC
Topic 105, Generally Accepted Accounting Principles (ASC 105). ASC 105 establishes the FASB Accounting Standards Codification (the Codification) as the single source of authoritative non-governmental U.S. GAAP. ASC 105
does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all authoritative literature related to a particular topic in one place. Rules and interpretative releases of the Securities and
Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The Codification superseded all existing non-SEC accounting and reporting standards, and all other
non-grandfathered, non-SEC accounting literature not included in the Codification became non-authoritative. The provisions of ASC 105 are effective for interim and annual reporting periods ending after September 15, 2009. We adopted ASC 105 in
our interim reporting for the period ended September 30, 2009. The adoption of ASC 105 is for disclosure purposes only and did not have any effect on our financial condition or results of operations.
In May 2009, the FASB issued guidance now codified within ASC
Topic 855, Subsequent Events (ASC 855). ASC 855 establishes standards for accounting for and disclosing subsequent events (events which occur after the balance sheet date but before financial statements are issued or are available
to be issued). ASC 855 requires an entity to disclose the date subsequent events were evaluated and whether that evaluation took place on the date financial statements were issued or were available to be issued. We adopted these amendments within
our interim reporting for the period ended June 30, 2009. The adoption of ASC 855 did not have a material effect on our financial condition or results of operations.
In April 2009, the FASB issued guidance now codified within ASC Topic 820, Fair Value Measurements and Disclosure
(ASC 820) ASC 820 removes leasing transactions and related guidance from its scope. These amendments delay the effective date for nonfinancial assets and nonfinancial liabilities, except for items recognized or disclosed at fair value in
the financial statements on a recurring basis (at least annually), to fiscal years beginning after November 15, 2008, or January 1, 2009 for us. We adopted these amendments on