Recent Accounting Guidance

3 Months Ended

Sep. 30, 2015

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Guidance

Note 2. Recent Accounting Guidance

In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements- Going Concern (Subtopic 205-40)”, this update provides U.S GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures.  For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued.  This amendment in this update is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.  The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.  The Company has evaluated all other recently issued accounting pronouncements and believes such pronouncements do not have a material effect on the Company’s condensed consolidated interim financial statements.

In June 2014, the FASB issued ASU2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) (“ASU2014-12”). ASU 2014-12 clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based payment award as performance conditions that affect vesting. Therefore, an entity would not record compensation expense (measured as of the grant date without taking into account the effect of the performance target) related to an award for which transfer to the employee is contingent upon the entity’s satisfaction of a performance target until it becomes probable that the performance target will be met. ASU2014-12 does not contain any new disclosure requirements. ASU2014-12 is effective for the Company beginning July 1, 2016. The adoption of ASU2014-12 is not expected to have a material impact on the Company's condensed consolidated interim financial statements