New Accounting Standards And New Tax Legislation

3 Months Ended

Sep. 30, 2013

New Accounting Standards And New Tax Legislation [Abstract]

New Accounting Standards And New Tax Legislation

NOTE 14. NEW ACCOUNTING STANDARDS AND NEW TAX LEGISLATION

     In July 2013, the Financial Accounting Standards Board ("FASB") issued an update to Topic 740, Income Taxes. This update requires companies to present an unrecognized tax benefit ("UTB") as a reduction to a deferred tax asset for a net operating loss carryforward , a similar tax loss, or a tax credit carryforward in the applicable jurisdiction, to the extent such tax attributes are available to offset the additional tax liability that would result if the UTB were disallowed on the balance sheet date. Whether the settlement by use of carryforwards is available under the law would depend on facts and circumstances available on the balance sheet date. The new guidance is effective for the Company beginning July 1, 2014, and adoption is not expected to have a material impact on the Company's consolidated financial statements.

     In September 2013, the IRS released final tangible property regulations ("repair regulations") under Sections 162(a) and 263(a) of the Internal Revenue Code, regarding the deduction and capitalization of amounts paid to acquire, produce, or improve tangible property. The final regulations replace temporary regulations that were issued in December 2011 and are effective for tax years beginning January 1, 2014, with early adoption permitted to tax years beginning January 1, 2012. The final regulations are effective for the Company for its tax year beginning July 1, 2014, and the Company is currently evaluating the impact of the final repair regulations on its consolidated financial statements.