Significant Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

The unaudited interim consolidated financial statements as of and for the

nine

months ended

March 31, 2020

have been prepared by The L.S. Starrett Company (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form

10

-Q and Article

10

of Regulation S-

X.

  Accordingly, they do

not

include all of the information and notes required by generally accepted accounting principles for complete financial statements.  These unaudited consolidated financial statements, which, in the opinion of management, reflect all adjustments (including normal recurring adjustments) necessary for a fair presentation, should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form

10

-K for the year ended

June 30, 2019.  

Operating results are

not

necessarily indicative of the results that

may

be expected for any future interim period or for the entire fiscal year. The Company’s “fiscal year” begins

July 1

st

and ends

June 30

th

.

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect amounts reported in the consolidated financial statements and accompanying notes.  Note

2

to the Company’s consolidated financial statements included in the Annual Report on Form

10

-K for the year ended

June 30, 2019

describes the significant accounting policies and methods used in the preparation of the consolidated financial statements.

Potential Impairment Due to COVID-19, Policy [Policy Text Block]

The World Health Organization (WHO) declared the outbreak of COVID-

19

a pandemic on

March 11, 2020.

The state of the pandemic is evolving and the disease is affecting human life around the world. Additionally, it is impacting the global economy, including disruptions to supply chains, consumer spending, employment and volatility in capital markets. As such, per ASC

360

long lived assets should be tested for recoverability whenever an event occurs or changes in circumstances indicate that “would more likely than

not

reduce the fair value of long-lived assets below its carrying amount.” To the extent that pandemic-related events do

not

provide evidence about conditions that existed at the balance-sheet date, the Company considers it necessary to disclose it cannot estimate all aspects of the on-going impact on the financial statements as a result of COVID-

19.

(See the following Notes for related disclosures: Note

8

– Goodwill and Intangible Assets, Note

10

– Debt, Note

14

- Subsequent Events, ITEM II Management Discussion and Analysis, ITEM

3.

Quantitative and Qualitative Disclosure about Market Risk, ITEM

4.

Controls and Procedures, Part II ITEM

1A.

Risk Factors)