Recent Accounting Guidance |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Recent Accounting Guidance | Note 2. Recent Accounting Guidance In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require public business entities to provide enhanced income tax disclosures, including a tabular reconciliation of the statutory federal income tax rate to the effective tax rate using specified categories, additional disaggregation for reconciling items that meet quantitative thresholds, and disaggregated information on income taxes paid by jurisdiction. All entities are also required to disclose disaggregated income (loss) before income taxes and related income tax expense (benefit). ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. The Company will adopt this guidance for its fiscal year ending June 30, 2026. The Company is currently evaluating the impact of this standard on its financial statement disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. The ASU requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted ASU 2023-07 for fiscal year ended June 30, 2025. The adoption did not have an impact on the Company's consolidated financial position or results of operations but did result in expanded segment disclosures within the notes of the financial statements. |