New Accounting Standards

3 Months Ended

Sep. 30, 2012

New Accounting Standards [Abstract]

New Accounting Standards

NOTE 4. NEW ACCOUNTING STANDARDS

Comprehensive Income

     On July 1, 2012, the Company adopted the updated guidance to Topic 220, Comprehensive Income, issued by the Financial Accounting Standards Board ("FASB"). This update required companies to present comprehensive income in either one or two consecutive financial statements and eliminated the option that permits the presentation of other comprehensive income in the statement of changes in equity. The Company adopted the method of presentation using two consecutive financial statements.

Testing Indefinite-Lived Intangible Assets for Impairment.

In July 2012, the FASB issued an update to Codification Topic 350, Intangibles- Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment. The update simplifies the guidance for testing the decline in the realizable value, or impairment, of indefinite-lived intangible assets other than goodwill. Examples of intangible assets subject to the guidance include indefinite-lived trademarks, licenses, and distribution rights. The amendments allow a company the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. A company electing to perform a qualitative assessment is no longer required to calculate the fair value of an indefinite-lived intangible asset unless the company determines, based on such qualitative assessment, that it is "more likely than not" that the asset is impaired. The changes to Codification Topic 350 will be effective for the Company beginning July 1, 2013 and is not expected to have a material impact on the Company's consolidated financial statements or disclosures. Early adoption is permitted.