Note 2 - Recently Adopted Accounting Pronouncements

12 Months Ended

Jun. 30, 2019

Notes to Financial Statements

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

2. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

REVENUE RECOGNITION — In

May 2014,

the FASB issued ASU

2014

-

09

(Topic

606

), Revenue from Contracts with Customers. The Company adopted the new standard effective

July 1, 2018,

using the full retrospective method. Adoption of the new revenue recognition standard required the Company to restate its previously reported results for the prior year comparative period and had a material impact on the Consolidated Balance Sheets but an overall immaterial impact on its consolidated statements of income and cash flows and related disclosures. The impact on the Company's Consolidated Balance Sheets was a result of the adjustment to defer revenue from prior years and a corresponding adjustment to retained earnings.  See Note

3

for additional information on revenue recognition and the impact on previously reported results.

LEASES — In

February 2016,

the FASB issued ASU

2016

-

02

(Topic

842

), Leases. The Company elected to early adopt the standard effective

July 1, 2018,

concurrent with the adoption of the new standard related to revenue recognition. The adoption of the new lease standard had a material impact on the Consolidated Balance Sheets but did

not

have an impact on the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. The impact on the Company's Consolidated Balance Sheets was a result of recording the right-of-use asset and corresponding lease liability. Adoption of the new standard also required the Company to restate its previously reported results to include the recognition of right-of-use assets and lease liabilities for the prior year comparative period.  See Note

15

 for additional information on leases.