|
Note 8 - Fair Value Measurements
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Text Block] |
8. Fair
Value Measurements
ASC
820-10 Fair Value Measurements and Disclosure defines fair
value, establishes a framework for measuring fair value in
generally accepted accounting principles, and expands
disclosures about fair value measurements. This standard
establishes a three-level hierarchy for fair value
measurements based upon the significant inputs used to
determine fair value. Observable inputs are those which are
obtained from market participants external to the Company
while unobservable inputs are generally developed internally,
utilizing management's estimates assumptions, and specific
knowledge of the nature of the assets or liabilities and
related markets. The three levels are defined as
follows:
Level
1 – Inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the Company
has the ability to access at the measurement date. An active
market is defined as a market in which transactions for the
assets or liabilities occur with sufficient frequency and
volume to provide pricing information on an ongoing
basis.
Level
2 – Inputs include quoted prices for similar assets and
liabilities in active markets, quoted prices for identical or
similar assets or liabilities in markets that are not active
(markets with few transactions), inputs other than quoted
prices that are observable for the asset or liability (i.e.,
interest rates, yield curves, etc.), and inputs that are
derived principally from or corroborated by observable market
data correlation or other means (market corroborated
inputs).
Level
3 – Unobservable inputs, only used to the extent that
observable inputs are not available, reflect the Company's
assumptions about the pricing of an asset or
liability.
In
accordance with the fair value hierarchy described above, the
following table shows the fair value of the Company's
financial assets and liabilities that are required to be
measured at fair value as of March 31, 2013 and June 30, 2012
(in thousands).
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||