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Accounting Standard Updates ("ASU")
 6 Months Ended
Dec. 31, 2021
Accounting Standard Updates ("ASU")  
Accounting Standard Updates ("ASU")

Note 2: Accounting Standard Updates (“ASU”)

There have been no accounting standard updates or changes in the status of their adoption that are material to the Corporation as previously disclosed in Note 1 of the Corporation's Annual Report on Form 10-K for the year ended June 30, 2021, other than:

ASU 2021-10:

In November 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” This ASU requires the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: (1) Information about the nature of the transactions and the related accounting policy used to account for the transactions, (2) The line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item and (3) Significant terms and conditions of the transactions, including commitments and contingencies. This ASU is effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. Early application of this ASU is permitted. The Corporation is in the process of evaluating the potential impact of the adoption that this ASU will have on the Corporation’s consolidated financial statements.

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