ASU 2011-08,  Testing Goodwill for Impairment, permits an entity to make a qualitative assessment of whether it is  more likely than not that a reporting unit’s fair value is less than the carrying amount before applying the two-step goodwill  impairment test. If an entity concludes that it is more likely than not that the fair value of a reporting unit for with goodwill is  recorded is less than its carrying amount, it would not be required to perform the two-step impairment test for the reporting  unit. This ASU is effective for annual and interim periods beginning after December 15, 2011 with early adoption permitted.  The Company does not expect the adoption of this guidance will have a material impact on the Company’s consolidated  financial statements as no goodwill is currently recorded in the consolidated financial statements.  ASU 2011-11,  Disclosures about Offsetting Assets and Liabilities , expands the disclosure requirements for financial  instruments and derivatives that may be offset in accordance with enforceable master netting agreements or similar  arrangements. The disclosures are required regardless of whether the instruments have been offset (or netted) in the statement  of financial position. Under ASU 2011-11, companies must describe the nature of offsetting arrangements and provide  quantitative information about those agreements, including the gross and net amounts of financial instruments that are  recognized in the statement of financial position. These changes are effective for the Company in the first quarter of 2013  with retrospective application. The Company does not expect the adoption of this Update will affect the Company’s  consolidated financial results since it amends only the disclosure requirements for offsetting financial instruments. page 22