Quarterly report pursuant to Section 13 or 15(d)

New Accounting Pronouncements

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New Accounting Pronouncements
6 Months Ended
Jun. 30, 2013
Accounting Changes And Error Corrections [Abstract]  
New Accounting Pronouncements
3. NEW ACCOUNTING PRONOUNCEMENTS:

Adoption of New Accounting Pronouncements

On January 1, 2013, Quanta adopted an update that gives entities an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate that it is more likely than not that its indefinite-lived intangible assets are impaired. If, based on its qualitative assessment, an entity concludes that it is more likely than not that the fair value of its indefinite-lived intangible assets is less than their carrying amount, quantitative impairment testing is required. However, if an entity concludes otherwise, quantitative impairment testing is not required. The adoption of this standard did not have a material effect on Quanta’s consolidated financial statements.

 

Accounting Standards Not Yet Adopted

There were no significant accounting pronouncements issued but not yet adopted as of June 30, 2013.