Accounting Pronouncements Adopted During the Current Year
Standard
Description
Date of Adoption
Effect on Financial Statements or Other Significant Matters
There were no material accounting pronouncements applicable to the Company.
Recent Accounting Pronouncements Not Yet Adopted
Standard
Description
Date of Adoption
Effect on Financial Statements or Other Significant Matters
Accounting Standard Update (“ASU”) 2023-09
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income tax paid.
The updated standard is effective for our fiscal 2026 Form 10-K. Early adoption is permitted.
We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures.
ASU 2024-03
Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
ASU 2024-03 requires more detailed information about the types of expenses included in certain expense captions presented on the consolidated statements of operations. Additionally, this amendment requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the disclosure of the total amount of selling expenses.
The updated standard is effective for us beginning in fiscal 2028. Early adoption is permitted.
We are currently evaluating the impact that the updated standard will have on our consolidated financial statement disclosures.
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.