RECENT ACCOUNTING STANDARDS UPDATES ("ASU") |
6 Months Ended |
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Jun. 30, 2025 | |
| RECENT ACCOUNTING STANDARDS UPDATES ("ASU") | |
| RECENT ACCOUNTING STANDARDS UPDATES ("ASU") | NOTE 2 ― RECENT ACCOUNTING STANDARDS UPDATES (“ASU”) Adopted ASUs: There were no ASUs adopted during the first half of 2025. Pending ASUs: In December of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 was issued to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table, as well as income taxes paid disaggregated by jurisdiction. The amendments in this ASU should be applied prospectively with an option of retrospective application to prior periods presented. The amendments in this update are effective for public business entities for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the provisions of ASU 2023-09 and does not expect the adoption of the standard to have a material impact on the Company’s financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The amendments in this update are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on the Company’s financial statements.
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