Note 12 - Recently Adopted Accounting Pronouncements
|3 Months Ended|
Sep. 30, 2018
|Notes to Financial Statements|
|New Accounting Pronouncements and Changes in Accounting Principles [Text Block]||
2014,the Financial Accounting Standards Board (“FASB”) issued accounting standard ASU
Revenue from Contracts with Customers(Accounting Standards Codification Topic
606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard supersedes virtually all existing authoritative accounting guidance on revenue recognition and requires additional disclosures and greater use of estimates and judgments. We adopted the new standard in the
firstquarter of fiscal
2019.We reviewed substantially all of our contracts and other revenue streams and determined that while the application of the new standard did
nothave a material change in the amount of or timing for recognizing revenue, it did impact our financial statement disclosures related to revenue and related accounts. See Note
13for information on these disclosures.
November 2016,the FASB issued ASU
Statement of Cash Flows (TopicIt 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 had
230): Restricted Cash.
notpreviously included restricted cash as a component of cash and equivalents as presented on the statement of cash flows. The new guidance was adopted by the Company effective
July 1, 2018under the retrospective adoption method, and prior year restricted cash has been reclassified to conform to current year presentation. See also Note
The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef