New Accounting Pronouncements

12 Months Ended

Jun. 30, 2022

New Accounting Pronouncements [Abstract]

New Accounting Pronouncements

2.    RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTSIn December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)", which removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This guidance was effective for the Company July 1, 2021. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings in the period of adoption. The adoption of the new standard did not have a material impact to income taxes reported in the financial statements for the year ended June 30, 2022.