Note 3 - Recent Accounting Pronouncements

6 Months Ended

Dec. 27, 2015

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

3. Recent Accounting Pronouncements

During the current fiscal quarter, the Company early adopted Accounting Standards Update (“ASU”) 2015-17,

Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

. The ASU eliminates the existing requirement for entities to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Instead, upon adoption, entities are required to classify all deferred tax assets and liabilities as noncurrent. Adopting this ASU provides simplification in the presentation of deferred tax assets and liabilities and alignment with International Financial Reporting Standards.

The Condensed Consolidated Balance Sheets as of December 27, 2015 and June 28, 2015 presented within this Quarterly Report on Form 10-Q reflect the revised presentation requirements of ASU 2015-17, as outlined in the table below.

	June 28, 2015 As Previously Reported		Adjustments D ue to Adoption of ASU 2015-17			June 28, 2015 As Adjusted
Deferred income taxes (within total current assets)	$	2,383	$	(2,383	)	$	—
Total current assets		215,347		(2,383	)		212,964
Deferred income taxes (within non-current assets)		1,539		2,383			3,922
Total assets		476,372		—			476,372
Deferred income taxes (within non-current liabilities)		90		—			90
Total liabilities		177,279		—			177,279

There have been no other newly issued or newly applicable accounting pronouncements that have, or are expected to have, a significant impact on the Company's financial statements.