Recent Accounting Guidance

3 Months Ended

Sep. 30, 2019

Recent Accounting Guidance

Recent Accounting Guidance

2.            Recent Accounting Guidance

Recently Issued and Adopted Accounting Guidance

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), on the recognition of lease assets and lease liabilities on the balance sheet. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new guidance changes the current accounting guidance related to the recognition of lease assets and lease liabilities. We early adopted the new guidance effective June 30, 2019 as further disclosed in Note 13 to these financial statements.

In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220) (“ASU 2018-02”),  which permits entities to reclassify the tax effects stranded in accumulated other comprehensive income as a result of recent United States federal tax reforms to retained earnings.  Entities can elect to apply the guidance retrospectively or in the period of adoption.  This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods therein, with early adoption permitted.  We adopted the new guidance effective July 1, 2019 with no material impact on our consolidated financial statements or disclosures.

Recent Accounting Guidance Not Yet Adopted

The recent accounting guidance not yet adopted is consistent with the information provided in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019.