v3.25.2
Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Recent Accounting Pronouncements

Note 2 - Recent Accounting Pronouncements

Adoption of New Accounting Standards

The Company did not adopt any new Accounting Standard Updates (“ASU”) in the second quarter of 2025.

Accounting Standards Issued But Not Yet Adopted

The Company has considered the recent ASU's issued by the Financial Accounting Standards Board summarized below:

Standard Adopted

 

Description

 

Effective Date

 

Impact

ASU 2024-03, Disaggregated Expenses

 

The standard enhances the detail of expenses presented in the income statement including items such as: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization.

 

Annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027.

 

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures. The standard has no impact on the results of operations and financial condition.

ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

 

The standard enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid.

 

Annual periods beginning after December 15, 2024.

 

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures. The standard has no impact on the results of operations and financial condition.