BLUE RIDGE BANKSHARES, EVC.  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  December 31,2012  Note 22. New Accounting Standards  The following is a discussion of accounting pronouncements that have and/or may impact the  presentation ofthe Company’s fmancial statements:  ASU No. 2011-02: Receivables (Topic J I 0): A Creditor’s Determination of Whether a  Restructuring Is a Troubled Debt The Update clarifies which loan modifications constitute froubled  debt restmcturings. It is intended to assist creditors in determining whether a modification of the  terms of a receivable meets the criteria to be considered a troubled debt restmcturing, both for  purposes of recording an impairment loss and for disclosure of troubled debt restmcturings. The  amendments to the Codification in the Update are effective for armual periods ending on or alter  December 15, 2012. Adoption of this Update did not have a material effect on the Company’s  consolidated financial statements.  ASU No. 2011-05: Presentation of Comprehensive Income. The provisions of ASU No. 2011-05  allow an entity the option to present the total of comprehensive income, the components of net  income, and the components of other comprehensive income either in a single continuous statement  of comprehensive income or in two separate but consecutive statements. In both choices, an entity is  required to present each component of net income along with total net income, each component of  other comprehensive income along with a total for other comprehensive income, and a total amount  for comprehensive income. The statement(s) are required to be presented with equal prominence as  the other primary financial statements. ASU No. 2011-05 eliminates the option to present the  components of other comprehensive income as part of the statement of changes in shareholders’  equity but does not change the items that must be reported in other comprehensive income or when  an item of other comprehensive income must be reclassified to net income. The provisions of ASU  No. 2011-05 were effective for fiscal years beginning on or after December 15, 2012, with  retrospective application required.  Other accounting standards that have been issued or proposed by the FASB or other standard-setting  bodies are not currently applicable to the Company or are not expected to have a significant impact on  the Company’s fmancial position, results of operations and cash flows.  36 