3. RECENT ACCOUNTING PRONOUNCEMENTS ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

3. RECENT ACCOUNTING PRONOUNCEMENTS

In July 2013, FASB issued ASU 2013-11, “Income Taxes (Topic 740):  Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exits.”  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.  ASU No. 2013-11 is effective for public entities for fiscal years beginning after December 15, 2013, and interim periods within those years.  Early adoption is permitted.  The amendments should be applied to all unrecognized tax benefits that exist as of the effective date.  Entities may choose to apply the amendments retrospectively to each prior reporting period presented.  The adoption of this update has no impact on our financial position or results of operations.

The Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.