Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Recently Adopted Accounting Pronouncements

v3.8.0.1
Note 13 - Recently Adopted Accounting Pronouncements
6 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Description of New Accounting Pronouncements Not yet Adopted [Text Block]
(
13
)     Recently
Adopted
Accounting Pronouncements
 
In
July 2015,
the FASB issued ASU
2015
-
11,
“Inventory (Topic
330
): Simplifying the Measurement of Inventory,” which states that inventory should be measured at the lower of cost and net realizable value. Net realizable value is defined as estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. We adopted the provisions of ASU
2015
-
11
effective
July 1, 2017,
applied prospectively. We do
not
believe that the adoption will have a material impact on our consolidated financial statements.
 
In
November 2015,
the FASB issued ASU
2015
-
17,
Balance Sheet Classification of Deferred Taxes, which requires the Company to present all deferred tax assets and liabilities as noncurrent. We adopted the provisions of ASU
2015
-
17
effective
July 1, 2017.
At
June 30, 2017,
we had net current deferred tax assets of
$3.9
million which would have been classified as noncurrent under the new standard.
 
In
March 2016,
the FASB issued ASU
2016
-
09,
Improvements to Employee Share-Based Payment Accounting, which amends A
SC Topic
718,
Stock Compensation. The objective of this amendment is part of the FASB’s Simplification Initiative as it applies to several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. We adopted the provisions of ASU
2016
-
09
effective
July 1, 2017.
For the fiscal year ended
June 30, 2017,
the Company recorded a credit to additional paid in capital of
$0.1
million that under the new standard would have been recognized in income. Excess tax benefits were
not
material in fiscal year
2017.