v2.4.0.8
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Summary of Significant Accounting Policies (Policies)
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3 Months Ended |
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| Accounting Policies [Abstract] |
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| Principles of Consolidation |
Principles of Consolidation
The consolidated financial statements include the accounts of
Unilife Corporation and its wholly-owned subsidiaries. All
intercompany accounts and transactions have been eliminated in
consolidation.
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| Use of Estimates |
Use of Estimates
The preparation of consolidated financial statements in conformity
with GAAP requires management to make estimates and assumptions
that affect the amounts reported in the consolidated financial
statements and accompanying notes. The estimates are principally in
the areas of revenue recognition and share-based compensation
expense. Management bases its estimates on historical experience
and various assumptions that are believed to be reasonable under
the circumstances. Actual results could differ from those
estimates.
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| Inventories |
Inventories
Inventories consist primarily of syringe components and include
direct materials, direct labor and manufacturing overhead.
Inventories are stated at the lower of cost or market, with cost
determined using the first in, first out method. The Company
routinely reviews its inventory for obsolete, slow moving or
otherwise impaired inventory and records estimated impairments in
the periods in which they occur.
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| Share-Based Compensation |
Share-Based Compensation
The Company grants equity awards to its employees, directors and
consultants. Certain employee and director awards vest over stated
vesting periods and others also require achievement of specific
performance or market conditions. The Company expenses the
grant-date fair value of awards to employees and directors over
their respective vesting periods. To the extent that employee and
director awards vest only upon the achievement of a specific
performance condition, expense is recognized over the period from
the date management determines that the performance condition is
probable of achievement through the date they are expected to be
met. Awards granted to consultants are sometimes granted for past
services, in which case their fair value is expensed on their grant
date, while other awards require future service, or the achievement
of performance or market conditions. Timing of expense recognition
for consultant awards is similar to that of employee and director
awards; however, aggregate expense is re-measured each quarter-end
based on the then fair value of the award through the vesting date
of the award. The Company estimates the fair value of stock options
using the Black-Scholes option-pricing model, with the exception of
market-based grants, which are valued based on the Monte Carlo
option pricing model. Option pricing methods require the input of
highly subjective assumptions, including the expected stock price
volatility.
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| Revenue Recognition |
Revenue Recognition
The Company recognizes revenue from industrialization and
development fees, licensing fees and product sales.
The Company recognizes up front, non-refundable fees ratably over
the expected life of the related agreement. Revenue from
industrialization and development fees is recognized upon
achievement of the “at risk” milestone events, which
represent the culmination of the earnings process related to such
events. Milestones can include specific phases of projects such as
product design, prototype availability, user tests, manufacturing
proof of principle and the various steps to complete the
industrialization of the product. Revenue is recognized when each
substantive milestone has been achieved and the Company has no
future performance obligations related to the milestone.
The Company recognizes revenue from sales of products at the time
of shipment when title passes to the customer.
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| Reclassifications |
Reclassifications
Certain prior year amounts in the consolidated financial statements
have been reclassified to conform to the current year
presentation.
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| Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements
In February 2013, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update
(“ASU”) 2013-02, “Reporting of Amounts
Reclassified Out of Accumulated Other Comprehensive Income”
(“ASU 2013-02”). The new guidance requires an entity to
disclose in a single location the effects of reclassifications out
of accumulated other comprehensive income (“AOCI”). For
items reclassified out of AOCI and into net income in their
entirety, entities must disclose the effect of the reclassification
on each affected net income item. For AOCI reclassification items
that are not reclassified in their entirety into net income,
entities must provide a cross reference to other required U.S. GAAP
disclosures. The standard does not change the items which must be
reported in other comprehensive income. ASU 2013-02 is
effective for annual and interim periods for fiscal years beginning
after December 15, 2012. Since this guidance impacts
presentation only, it has had no effect on the Company’s
financial condition or its financial statements.
In July 2013, the FASB issued ASC 2013-11, “Income
Taxes — Presentation of an Unrecognized Tax Benefit When
a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax
Credit Carryforward Exists” (“ASU
2013-11”) which is part of Accounting Standards Codification
(“ASC”) 740: Income Taxes. The new guidance requires an
entity to present an unrecognized tax benefit and an NOL
carryforward, a similar tax loss, or a tax credit carryforward on a
net basis as part of a deferred tax asset, unless the unrecognized
tax benefit is not available to reduce the deferred tax asset
component or would not be utilized for that purpose, then a
liability would be recognized. ASU 2013-11 is effective for
annual and interim periods for fiscal years beginning after
December 15, 2013. The Company is currently evaluating the
impact of the July 1, 2014 adoption of this guidance on its
financial statements.
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| X |
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| X |
- Definition
Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.
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| X |
- Definition
Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.
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| X |
- Definition
Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2126999
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4492-108314
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Financial Reporting Release (FRR)
-Number 206
-Paragraph b
-Subparagraph i, ii
-Chapter 2
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4556-108314
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| X |
- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
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| X |
- Definition
Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.
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| X |
- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.
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| X |
- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
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