Recently Issued Accounting Standards

9 Months Ended

Mar. 29, 2014

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Standards

Recently Issued Accounting Standards

In July 2013, the FASB issued Accounting Standards Update 2013-11 Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires unrecognized tax benefits to be netted with net operating loss or tax credit carryforwards in the Consolidated Balance Sheets if specific criteria are met. The guidance is effective for fiscal years beginning after December 15, 2013 and thus will not be effective until fiscal year 2015 for the Company. The adoption of this accounting guidance is not expected to have an impact on the R.G. Barry Corporation Consolidated Financial Statements.

In April 2014, the FASB issued Accounting Standards Update 2014-08 Reporting Discontinued Operations and Disclosures of

Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amendments in this update require additional disclosures about discontinued operations in the asset and liability sections, respectively, of the statement of financial position as well as, the major classes of line items constituting the pretax profit or loss of the discontinued operation in the statement of income, and in the statement of cash flows. The guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years.