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Recent Accounting Pronouncements
 9 Months Ended
Mar. 24, 2022
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
Note 14 – Recent Accounting Pronouncements
The following recent accounting pronouncements have been adopted in the current fiscal year:
In December 2019, the FASB issued ASU
No. 2019-12
“Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes”
. The amendments in this Update were issued as part of FASB’s initiative to reduce complexity in accounting standards. The amendments simplify the accounting for income taxes by removing certain exceptions in Topic 740 and improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU
No. 2019-12
was adopted using a prospective method in the first quarter of fiscal 2022 and did not have a material impact on our Consolidated Financial Statements.
In October 2020, the FASB issued ASU
No. 2020-10
“Codification Improvements”
. This ASU was issued to address a wide variety of topics in the Accounting Standard Codification with the intent to make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications. ASU
No. 2020-10
was adopted in the first quarter of fiscal 2022 and did not have a material impact on our Consolidated Financial Statements.
There are no recent accounting pronouncements that have been issued and not yet adopted that are expected to have a material impact on our Consolidated Financial Statements.