Recently Issued Accounting Pronouncements

3 Months Ended

Sep. 30, 2013

Recently Issued Accounting Pronouncements [Abstract]

Recently Issued Accounting Pronouncements

14.Recently Issued Accounting Pronouncements

In July 2012, the FASB issued ASU 2012-02 “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment”.  This update permits entities to make a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test for an indefinite-lived intangible asset if it is more likely than not that the asset is impaired.  This update is effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012.  The adoption of this statement did not have an impact on our financial position or results of operations.

In July 2013, the FASB issued amended guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented as a reduction of a deferred tax asset when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists, with certain exceptions. The requirements are effective for annual reporting periods beginning after December 15, 2013.  We do not anticipate the adoption of this statement to have an impact on our financial position or results of operations.