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New Accounting Pronouncements
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6 Months Ended | ||
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Jun. 30, 2013
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| Accounting Changes And Error Corrections [Abstract] | |||
| 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. |
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- Details
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- Definition
The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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