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:
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Standard Adopted |
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Description |
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Effective Date |
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Impact |
ASU 2024-03, Disaggregated Expenses |
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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. |
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Annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. |
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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 |
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The standard enhances income tax disclosures primarily related to the rate reconciliation and income taxes paid. |
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Annual periods beginning after December 15, 2024. |
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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. |
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