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New Accounting Pronouncements
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12 Months Ended | |||
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Jun. 30, 2013
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| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
| New Accounting Pronouncements and Changes in Accounting Principles [Text Block] |
The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (“ASU”) No. 2012-04, Technical Corrections and Improvements. This ASU is part of an on-going project on the FASB’s agenda to facilitate Codification updates for non-substantive technical corrections, clarifications and improvements. The amendments are not expected to result in pervasive changes to accounting practices. However, because certain clarified guidance may cause a change to existing practice, the FASB provided special transition provisions for those amendments. For public entities, the amendments that are subject to the transition guidance are effective for fiscal periods beginning after December 15, 2012. The adoption of ASU No. 2012-04 is not expected to have a material effect on the Company’s financial statements. The FASB also recently issued ASU No. 2013-07, Liquidation Basis of Accounting. This ASU provides guidance to entities about how and when to apply the liquidation basis of accounting. The ASU requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent, as defined in the ASU. Applying the liquidation basis of accounting requires an entity to measure its assets at the estimated amount of cash it expects to collect and its liabilities at the amount otherwise prescribed under U.S. GAAP. The ASU is effective for public entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013 and interim reporting periods within those annual periods. An entity preparing its financial statements on a going-concern basis at the effective date that is required to use the liquidation basis of accounting is required to account for any differences between its existing measurements and the measurements under the ASU through a cumulative-effect adjustment. Early adoption is permitted. As of June 30, 2013, the Company’s financial statements were prepared under the assumption that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. If circumstances change and it becomes necessary to apply the liquidation basis of accounting prior to the fiscal year beginning July 1, 2014, the Company will choose early adoption of ASU No. 2013-07. |