Note 2 - New Accounting Pronouncements

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

2. New Accounting Pronouncements

In

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 is effective for annual reporting periods, and interim periods within those reporting periods, beginning after

December 15, 2020

with early adoption permitted. 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 company is currently evaluating the impacts the adoption of this guidance will have on its Condensed Consolidated Financial Statements.