New Accounting Pronouncements
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6 Months Ended | ||||
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Jun. 30, 2011
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New Accounting Pronouncements [Abstract] | |||||
NEW ACCOUNTING PRONOUNCEMENTS |
Adoption
of New Accounting Pronouncements
None.
Accounting
Standards Not Yet Adopted
In May 2011, the Financial Accounting Standards Board (FASB)
issued ASU
2011-04,
“Fair Value Measurement (Topic 820): Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in
U.S. GAAP and IFRSs” (ASU
2011-04),
which is effective for annual reporting periods beginning after
December 15, 2011. This guidance amends certain accounting
and disclosure requirements related to fair value measurements.
Additional disclosure requirements in the update include:
(1) for Level 3 fair value measurements, quantitative
information about unobservable inputs used, a description of the
valuation processes used by the entity, and a qualitative
discussion about the sensitivity of the measurements to changes
in the unobservable inputs; (2) for an entity’s use of
a nonfinancial asset that is different from the asset’s
highest and best use, the reason for the difference;
(3) for financial instruments not measured at fair value
but for which disclosure of fair value is required, the fair
value hierarchy level in which the fair value measurements were
determined; and (4) the disclosure of all transfers between
Level 1 and Level 2 of the fair value hierarchy.
Quanta will adopt ASU
2011-04 on
January 1, 2012. Quanta is currently evaluating ASU
2011-04 and
has not yet determined the impact that adoption will have on its
consolidated financial statements.
In June 2011, the FASB issued ASU
2011-05,
“Comprehensive Income (Topic 220): Presentation of
Comprehensive Income” (ASU
2011-05),
which is effective for annual reporting periods beginning after
December 15, 2011. Accordingly, Quanta will adopt ASU
2011-05 on
January 1, 2012. This guidance eliminates the option to
present the components of other comprehensive income as part of
the statement of changes in stockholders’ equity. In
addition, items of other comprehensive income that are
reclassified to profit or loss are required to be presented
separately on the face of the financial statements. This
guidance is intended to increase the prominence of other
comprehensive income in financial statements by requiring that
such amounts be presented either in a single continuous
statement of income and comprehensive income or separately in
consecutive statements of income and comprehensive income. The
adoption of ASU
2011-05 is
not expected to have a material impact on Quanta’s
financial position or results of operations.
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