22. Impact of Recently Issued Accounting Standards

In June 1998, the Financial Accounting Standards Board (Board) issued SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” which established accounting and reporting standards for derivative instruments, including derivative instruments embedded in other contracts, and for hedging activities. SFAS No. 133 requires the recognition of the fair value of derivatives in the statement of financial position, with changes in the fair value recognized either in earnings or as a component of other comprehensive income dependent upon the hedging nature of the derivative. In June 1999, the Board issued SFAS No. 137, “Accounting for Derivative Instruments and

Hedging Activities – Deferral of the Effective Date of FASB Statement No. 133,” which deferred the effective date of SFAS No. 133 until fiscal years beginning after June 15, 2000. SFAS No. 133 does not have a material impact on the Company’s earnings or other comprehensive income.

In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin (“SAB”) No. 101, “Revenue Recognition,” which requires revenues to be recognized when realized and earned. Revenue is generally realized and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the selling price must be fixed or determinable; and, (iv) collectibility is reasonably assured. The Company implemented SAB No. 101 in 2000.