Relevant standards that were recently issued but not yet adopted as of September 30, 2025: | | | | | | | | | | | | | | | | | Standard | Description | Effective Date | Effects on the financial statements or other significant matters | ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | The amendments remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40. Capitalizing software costs commences when both of the following occur (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended (“probable-to-complete recognition threshold”). | Annual and interim reporting for the year ending December 31, 2028 | We are currently evaluating the impact to our financial statements. | ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures | The amendments require disclosure of information about certain costs and expenses in both interim and annual reporting periods. Specified information includes expense amounts relating to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses with the definition thereof. | Annual reporting for period ending December 31, 2027 and for interim reporting in 2028 | We are currently evaluating the disclosure impact of the new standard. | | ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | The amendments related to the rate reconciliation and income taxes paid disclosures and require disclosures of (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additional amendments require (1) disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission regulations, and (2) remove disclosures that no longer are considered cost beneficial or relevant. | Annual reporting for period ending December 31, 2025 | We will adopt the new disclosure requirements for the year-end December 31, 2025 and will provide additional disaggregated income tax disclosures. |
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