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Basis of Presentation
6 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Basis of Presentation
(1)  Basis of Presentation
 
The condensed consolidated financial statements of Aceto Corporation and subsidiaries (“Aceto” or the “Company”) included herein have been prepared by the Company and reflect all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented.  Interim results are not necessarily indicative of results which may be achieved for the full year.
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in those financial statements.  These judgments can be subjective and complex, and consequently actual results could differ from those estimates and assumptions.  The Company’s most critical accounting policies relate to revenue recognition; royalty income; partnered products; allowance for doubtful accounts; inventories; goodwill and other indefinite-lived intangible assets; long-lived assets; environmental and other contingencies; income taxes; and stock-based compensation.
 
These condensed consolidated financial statements do not include all disclosures associated with consolidated financial statements prepared in accordance with GAAP.  Accordingly, these statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended June 30, 2013.
 
On December 10, 2013, the Company acquired all of the outstanding stock of a company in France which has been accounted for as a business combination.  The impact of this business combination on the Company’s condensed consolidated balance sheet as of December 31, 2013 and its condensed consolidated statement of income for the period ended December 31, 2013 was not material.
 
Certain reclassifications have been made to the prior period condensed consolidated financial statements to conform to the current year presentation.