Recent Accounting Guidance

6 Months Ended

Dec. 31, 2020

Recent Accounting Guidance

Recent Accounting Guidance

2.            Recent Accounting Guidance

Recently Issued and Adopted Accounting Guidance

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 is part of the disclosure framework project and eliminates certain disclosure requirements for fair value measurements, requires entities to disclose new information, and modifies existing disclosure requirements.  The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  Early adoption was permitted.  We adopted the new guidance effective July 1, 2020, with no impact on our consolidated financial statements or disclosures.

Recent Accounting Guidance Not Yet Adopted

In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs ("ASU 2020-08"), and ASU No. 2020-10, Codification Improvements ("ASU 2020-10"). ASU 2020-08 and ASU 2020-10 provide changes to clarify or improve existing guidance. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is not permitted. We are currently evaluating the impact that ASU 2020-08 and ASU 2020-10 will have on our consolidated financial statements and disclosures.