## Note 22. New Accounting Standards 

## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2012 

## BLUE RIDGE BANKSHARES, EVC. 

The following is a discussion of accounting pronouncements that have and/or may impact the presentation ofthe Company’s fmancial statements: 

ASU No. 2011-02: Receivables (Topic J I 0): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt The Update clarifies which loan modifications constitute froubled debt restmcturings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restmcturing, both for purposes of recording an impairment loss and for disclosure of troubled debt restmcturings. The amendments to the Codification in the Update are effective for armual periods ending on or alter December 15, 2012. Adoption of this Update did not have a material effect on the Company’s consolidated financial statements. 

ASU No. 2011-05: Presentation of Comprehensive Income. The provisions of ASU No. 2011-05 allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The statement(s) are required to be presented with equal prominence as the other primary financial statements. ASU No. 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity but does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The provisions of ASU No. 2011-05 were effective for fiscal years beginning on or after December 15, 2012, with retrospective application required. 

Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s fmancial position, results of operations and cash flows. 

