Note 13 - Recently Issued Accounting Pronouncements |
9 Months Ended | ||
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Mar. 31, 2017 | |||
Notes to Financial Statements | |||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014 -09, Revenue from Contracts with Customers . This ASU provides a framework for revenue recognition that replaces most existing GAAP revenue recognition guidance when it becomes effective. We have an option to use either a retrospective approach or a cumulative effect adjustment approach to implement the guidance. The new standard is effective for us on July 1, 2018, with early adoption permitted. We plan on adopting effective July 1, 2018, and are currently reviewing our revenue streams as they relate to this guidance. We are still assessing the overall impact this guidance will have on our consolidated financial statements and financial statement disclosures.In July 2015, the FASB issued ASU 2015 -11
, “Inventory (Topic ,” 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. The new guidance is effective for the Company on 330): Simplifying the Measurement of Inventory July 1, 2017. The new guidance should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact on our consolidated financial statements. We plan on adopting effective July 1, 2017.
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. This pronouncement is effective for the Company on July 1, 2017, and early adoption is permitted. The Company is currently evaluating the impact on our consolidated financial statements. We plan on adopting effective July 1, 2017.
In February 2016, the FASB issued ASU 2016 -02, Leases , which is intended to improve financial reporting about leasing transactions. The ASU will require lessees that lease assets with lease terms of more than twelve months to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Lessors will remain largely unchanged from current GAAP. In addition, the ASU will require disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. This pronouncement is effective for the Company on July 1, 2019, and early adoption is permitted. The Company is currently evaluating the impact on our consolidated financial statements. We plan on adopting effective July 1, 2019.
In March 2016, the FASB issued ASU 2016 -09, Improvements to Employee Share-Based Payment Accounting , which amends ASC 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. This pronouncement is effective for the Company on July 1, 2017, and allows for prospective, retrospective or modified retrospective adoption, depending on the area covered in the update, with early adoption permitted. The Company is currently evaluating the impact on our consolidated financial statements. We plan on adopting effective July 1, 2017.
In November 2016, the FASB issued ASU 2016 -18, Statement of Cash Flows (Topic It is intended to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The Company currently does not include restricted cash as a component of cash and equivalents as presented on the statement of cash flows. The new guidance is effective for the Company on 230): Restricted Cash. July 1, 2018, with early adoption permitted. The Company is currently evaluating the impact on our consolidated financial statements. We plan on adopting effective July 1, 2018.
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