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Note 5 - New Accounting Standards
 3 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
5.
New Accounting Standards
 
    In
January 2016,
the Financial Accounting Standards Board (FASB) issued guidance on equity securities that requires entities to recognize changes in unrealized gains and losses on equity securities in income in the current period unless the entity is recording the related investment under the equity method or consolidating the related entity. The Company adopted this standard effective
July 2, 2018.
The Company is also reclassifying all of its marketable equity securities as current assets on consolidated balance sheets. The following table summarizes the impact of the adoption on accumulated other comprehensive earnings and retained earnings:
 
 
   
Amount
  
Accumulated other comprehensive earnings, 7/2/2018
   $
2,102,745
  
Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695
    
(2,102,745
 )
Accumulated other comprehensive earnings as adjusted, 7/2/2018
    
-
  
         
Retained earnings, 7/2/2018
    
14,010,725
  
Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695
    
2,102,745
  
Retained earnings as adjusted, 7/2/2018
   $
16,113,470
  
 
 
    In
February 2016,
the FASB issued guidance on leases which requires entities to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases, including operating leases, with terms of more than
12
months. The new guidance also requires additional disclosures on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This amendment is effective for the Company’s fiscal year ending
June 2020
with early adoption permitted. The Company is in the process of evaluating the impact the adoption of this guidance will have on our consolidated financial statements and related disclosures.
 
    In
May 2014,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No.
2014
-
09,
Revenue from Contracts with Customers (“ASU
2014
-
09”
), which creates a single, comprehensive revenue recognition model for all contracts with customers. Under this ASU and subsequently issued amendments, an entity should recognize revenue to reflect the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods and services. ASU
2014
-
9
may
be adopted either retrospectively or on a modified retrospective basis. The standard is effective for interim and annual reporting periods beginning after
December 15, 2017.
The FASB permits early adoption of the standard, but
not
before the original effective date of
December 15, 2016.
The Company adopted the standard effective
July 2, 2018
and determined there was
no
material effect on the financial statements.