(a) Newly Adopted Accounting Standards
During
the
period,
there
has
been
no
new
Accounting
Standards
Update,
or
ASU,
issued
by
the
Financial
Accounting Standards Board,
or the FASB,
that had a material
impact on the Company’s
consolidated financial
statements.
(b) Accounting Standards Not Yet
Implemented
ASU
No.
2023-09
“Income
Taxes”
(Topic
740)
:
In
December
2023,
the
FASB
issued
ASU
2023-09,
which
modifies
the
rules
on
income
tax
disclosures
to
require
companies
to
disclose
specific
categories
in
the
rate
reconciliation, the
income or
loss from
continuing operations
before income
tax expense
or benefit
(separated
between
domestic
and
foreign)
and
income
tax
expense
or
benefit
from
continuing
operations
(separated
by
federal, state, and
foreign). The
updated standard
is effective
for annual
periods beginning
after December
15,
2024.
The
Company
is
currently
evaluating
the
impact
that
the
updated
standard
will
have
in
its
financial
ASU
No.
2024-03
“Income
Statement
–
Reporting
Comprehensive
Income
–
Expense
Disaggregation
Disclosures” (Subtopic
220-40)
: Disaggregation
of Income
Statement Expenses.
In November
2024, the
FASB
issued
2024-03,
which
require
disclosure,
in
the
notes
to
financial
statements,
of
specified
information
about
certain costs and
expenses. The amendments
aim to improve
financial reporting by requiring
that public business
entities disclose additional
information about specific
expense categories in
the notes to financial
statements at
interim and
annual reporting
periods. The
updated standard
is effective
for annual
reporting periods
beginning
after December
15, 2026,
and interim
reporting
periods beginning
after December
15, 2027.
Early adoption
is
permitted. The
Company
is currently
evaluating
the
impact
that the
updated standard
will have
in its
financial
statement disclosures.