Recent Accounting Pronouncements
In May 2009, the Financial Accounting Standards Board (FASB) issued ASC 855-10 (SFAS No. 165), ?Subsequent Events?, which establishes standards of accounting for events that occur after the statement of financial position date, but before financial statements are issued. ASC 855-10 requires disclosure of the date through which an entity has evaluated subsequent events and the basis for the date. This standard is effective for interim or annual financial periods ending after June 15, 2009. See note 9 for management?s evaluation of subsequent events in accordance with ASC 855-10.
The FASB issued ASC 105-10 (SFAS No. 168), ?Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles?, which became the source of authoritative U.S. Generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities upon its effective date. This standard is effective for interim or annual financial periods ending after September 15, 2009. The consolidated financial statements include references to the ASC.
