Recent Accounting Pronouncements

9 Months Ended

Mar. 31, 2016

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

3. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The FASB’s objective in issuing this ASU is to reduce diversity in the timing and content of footnote disclosures. The amendment is effective for the annual period ending after December 15, 2015 and for annual periods and interim periods thereafter. Early adoption is permitted. We are currently assessing the impact of the adoption of this update on our financial position or results of operations.

In January 2015, the FASB issued ASU 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which eliminates the concept of extraordinary items. Under this new guidance, entities will no longer be required to separately classify, present and disclose extraordinary events and transactions. The amendments in this update are effective for annual and interim periods beginning after December 15, 2015. The Company is evaluating the impact of ASU 2015-01 and an estimate of the impact to the consolidated financial statements cannot be made at this time.

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