Accounting Standards Adopted in Fiscal 2013

12 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Accounting Standards Adopted in Fiscal 2013

24. Accounting Standards Adopted in Fiscal 2013

The company adopted the following FASB Accounting Standards Update (ASU) during fiscal 2013:

• ASU 2013 02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”, requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income in the same reporting period, an entity is required to cross- preference other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the ASU is effective prospectively for reporting periods beginning after December 15, 2012.

The adoption of the ASU described above had no impact on the company’s results of operations or financial position.