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]||
July 2015,the FASB issued ASU
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
July 1, 2017,applied prospectively. We do
notbelieve that the adoption will have a material impact on our consolidated financial statements.
November 2015,the FASB issued ASU
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
July 1, 2017.At
June 30, 2017,we had net current deferred tax assets of
$3.9million which would have been classified as noncurrent under the new standard.
March 2016,the FASB issued ASU
09,Improvements to Employee Share-Based Payment Accounting, which amends A
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
July 1, 2017.For the fiscal year ended
June 30, 2017,the Company recorded a credit to additional paid in capital of
$0.1million that under the new standard would have been recognized in income. Excess tax benefits were
notmaterial in fiscal year
The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
Reference 1: http://www.xbrl.org/2003/role/presentationRef