3. RECENT ACCOUNTING PRONOUNCEMENTS ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Mar. 31, 2014

Accounting Changes and Error Corrections [Abstract]

3. RECENT ACCOUNTING PRONOUNCEMENTS ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS

In February 2013, ASC guidance was issued related to items reclassified from Accumulated Other Comprehensive Income. The new standard requires either in a single note or parenthetically on the face of the financial statements:(i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and (ii) the income statement line items affected by the reclassification. The update is effective for the Company’s fiscal year beginning July 1, 2013 with early adoption permitted. The Company adopted ASU 2013-02 on July 1, 2013 and there were no material impact on the Company’s financial position or results of operations.

In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2013-05, "Foreign Currency Matters (Topic 830); Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This guidance applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business (other than a sale of in substance real estate or conveyance of oil and gas, mineral rights) within a foreign entity. The Company adopted ASU No. 20-13-05on January 1, 2014 and there were no material impact on the Company’s financial position or results of operations.

In July 2013, the Financial Accounting Standards Board (“FSAB”) issued Accounting Standards Update (“ASU”) 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.”  The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. The Company adopted ASU No. 2013-11 on January 1, 2014 and there were no material impact on the Company’s financial position or results of operations.