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Note 12 - Recent Accounting Pronouncements
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6 Months Ended |
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Dec. 31, 2012
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| Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
12. Recent
Accounting Pronouncements
In June 2011, the
Financial Accounting Standards Board (“FASB”)
issued ASU No. 2011-05, "Comprehensive
Income (ASC Topic 220): Presentation of
Comprehensive Income" ("ASU 2011-05"), which amends
current comprehensive income guidance. This
accounting update eliminates the option to present the
components of other comprehensive income as part of the
statement of shareholders’ equity. Instead
we must report comprehensive income in either a single
continuous statement of comprehensive income which contains
two sections, net income and other comprehensive income, or
in two separate but consecutive
statements. In December 2011, the FASB
issued ASU No. 2011-12, "Deferral of the
Effective Date for Amendments to the Presentation of
Reclassification of Items Out of Accumulated Other
Comprehensive Income in Accounting Standards Update No.
2011-05" ("ASU 2011-12"). ASU 2011-12 defers the
requirement in ASU 2011-05 to present reclassification
adjustments for each component of accumulated other
comprehensive income ("AOCI") in both other comprehensive
income and net income on the face of the financial statements
and the presentation of reclassification adjustments is not
required in interim periods. We expect to continue to present
amounts reclassified out of AOCI on the face of the financial
statements. The effective dates of ASU 2011-12 are consistent
with the effective dates of ASU 2011-05, which was effective
for us on July 1, 2012. Although adopting the guidance has
not had an impact on our accounting for comprehensive income
(loss), it does affect our presentation of components of
comprehensive income (loss) by eliminating the historical
practice of showing these items within our consolidated
statements of stockholders' equity
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