New Accounting Pronouncements (Notes)

6 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

New Accounting Policies [Text Block]

New Accounting Pronouncements

In September, 2013, the Internal Revenue Service ("IRS") issued final regulations regarding the tax treatment of amounts paid to acquire, produce or improve tangible property, effective for our tax year beginning July 1, 2014. In 2014, the IRS stated its intent to issue further guidance for specific industry sectors, including natural gas. We do not expect compliance with the industry specific guidance to have a material impact on our results of operations, financial position or cash flows.

In May, 2014, the Financial Accounting Standards Board issued guidance revising the principles and standards for revenue recognition. The guidance creates a framework for recognizing revenue to improve comparability of revenue recognition practices across entities and industries. The guidance is effective for our quarter ending September 30, 2018 and we are evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on our results of operations, financial position or cash flows.

In June, 2014, the Financial Accounting Standards Board issued guidance on share-based payments where performance targets can be achieved subsequent to the requisite service period. The guidance, effective for our quarter ending September 30, 2016, is not expected to have a material impact on our results of operations, financial position or cash flows.

In April, 2015, the Financial Accounting Standards Board issued guidance on the presentation of debt issuance costs which requires the debt issuance costs to be recognized as a direct deduction from the carrying amount of the debt liability. The guidance, effective for our quarter ending September 30, 2016, is not expected to have a material impact on our results of operations, financial position or cash flows.

In May, 2015, the Financial Accounting Standards Board issued guidance simplifying the disclosure of certain investments measured using the net asset value per share of the investment. The guidance no longer requires such investments to be categorized within the fair value hierarchy. The guidance, effective for our quarter ended September 30, 2016, is not expected to have a material impact on our disclosures.

In July, 2015, the Financial Accounting Standards Board issued guidance simplifying the measurement of inventory. The guidance requires inventory to be measured at the lower of cost or net realizable value. The guideline, effective for our quarter ending September 30, 2017, is not expected to have a material impact on our results of operations, financial position or cash flows.

                In November, 2015, the Financial Accounting Standards Board issued guidance to simplify the presentation of deferred income taxes on the balance sheet by classifying all deferred tax assets and liabilities as noncurrent. The guidance, effective for our quarter ending September 30, 2017 is not expected to have a material impact on our results of operations, financial position or cash flows.

                In January, 2016, the Financial Accounting Standards Board issued guidance to improve the recognition, measurement, presentation and disclosure of financial instruments. The improvements include guidance on estimating fair value for financial instruments measured at amortized cost on the balance sheet and the classification of financial assets and liabilities on the balance sheet. The guidance, effective for our quarter ending September 30, 2018 is not expected to have a material impact on our results of operations, financial position, cash flows or disclosures.