Quarterly report pursuant to Section 13 or 15(d)

Recently Issued Accounting Guidance

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Recently Issued Accounting Guidance
6 Months Ended
Dec. 31, 2015
Recently Issued Accounting Guidance [Abstract]  
Recently Issued Accounting Guidance

Note (10) – Recently Issued Accounting Guidance: In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” ASU No. 2014-09 is effective for annual reporting periods (including interim reporting periods within those periods) beginning after July 1, 2018. Early application is not permitted prior to periods beginning after July 1, 2017. The Company is currently evaluating the impact, if any, that adopting this standard will have on its consolidated financial statements.

 

In December 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”).  The amendments in ASU 2015-17 eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and In December 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent.  The standard is effective for our annual period beginning July 1, 2017.  The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented.  Management is evaluating the impact of applying this standard to its financial statements.

 

Management believes the impact of other issued accounting standards and updates, which are not yet effective, will not have a material impact on the Company's consolidated financial position, results of operations or cash flows upon adoption.