New Accounting Pronouncements

9 Months Ended

Mar. 31, 2015

New Accounting Pronouncements

New Accounting Pronouncements

Note 3.New Accounting Pronouncements

In January 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) – Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.  ASU 2014-04 is intended to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized.  ASU 2014-04 is effective for annual periods beginning after December 15, 2014 and is not expected to have a material impact on the Company’s consolidated financial statements.