|9 Months Ended|
Sep. 30, 2011
|Income Tax Uncertainties, Policy [Policy Text Block]||
NOTE 4 - UNCERTAIN TAX POSITIONS
Effective January 1, 2007, the company adopted the provisions of ASC 740 (formerly FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109 (FIN 48)). ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The adoption of the provisions of ASC 740 did not have a material impact on the companys condensed consolidated financial position and results of operations. At December 31, 2010, the company had no liability for unrecognized tax benefits and no accrual for the payment of related interest and penalties. The Company did not record a cumulative effect adjustment relating to the adoption of ASC 740.
Interest costs related to unrecognized tax benefits are classified as Interest expense, net in the accompanying condensed consolidated statements of operations. Penalties, if any, would be recognized as a component of Selling, general and administrative expenses. The Company recognized $0 of interest and penalties expense related to unrecognized tax benefits during 2010. In many cases the companys uncertain tax positions are related to tax years that remain subject to examination by relevant tax authorities. With few exceptions, the company is generally no longer subject to U.S. federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2007. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2010:
(a) Includes federal as well as state or similar local jurisdictions, as applicable.
Disclosure of accounting policy for tax positions taken in the Company's tax return filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of contingencies related to income taxes.
Reference 1: http://www.xbrl.org/2003/role/presentationRef