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Recently Issued Financial Accounting Standards | 3 Months Ended
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Sep. 30, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] |
Recently Issued Financial Accounting Standards |
Note 2. | Recently Issued Financial Accounting Standards
Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842). This ASU modifies lease accounting for lessees to increase transparency and comparability by recording lease assets and liabilities for operating leases and disclosing key information about leasing arrangements. The Company adopted this standard on July 1, 2019. In July 2018, the FASB issued targeted improvements to this ASU in ASU 2018-11. The Company has elected to utilize the optional transition method. During fiscal year 2019, the Company conducted a survey to identify all leases across the organization (including embedded leases). The Company identified that a majority of our leases are categorized into one of three categories: equipment, real estate and vehicles. The Company has finalized the accumulation of lease data, including new leases entered into at the end of fiscal year 2019, and prepared the final transition adjustment calculations. For the disclosures required by this ASU, see Note 5. Leases. Pronouncements Currently Under Evaluation In July 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which among other things, requires the measurement of all expected credit losses of financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward looking information to better inform their credit loss estimates. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. The Company is in the process of evaluating the impact of the pronouncement.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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