Note 13 - Recent Accounting and Reporting Developments |
6 Months Ended | ||
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Jun. 30, 2026 | |||
| Notes to Financial Statements | |||
| Accounting Standards Update and Change in Accounting Principle [Text Block] |
There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s Condensed Consolidated Financial Statements and disclosures in Notes to Condensed Consolidated Financial Statements, from those disclosed in the Company’s 2025 Form 10‑K, except for the following.
Accounting Changes
In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025‑05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025‑05”) which provides a practical expedient permitting all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. The Company adopted ASU 2025-05 on a prospective basis on January 1, 2026 and the impact was not material to the Company’s financial position, results of operations, or cash flows.
In December 2025, the FASB issued ASU No. 2025‑11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025‑11”) which improves the navigability of the required interim disclosures and clarifies when that guidance is applicable. Under ASU 2025‑11, an entity is subject to Topic 270 if it provides interim financial statements and notes in accordance with U.S. GAAP. ASU 2025‑11 also addresses the form and content of such financial statements, adds lists to Topic 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. The Company adopted ASU 2025‑11 on a prospective basis on January 1, 2026 and the impact was not material to the Company’s financial position, results of operations, or cash flows.
Recent Accounting Standards
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”) which requires public business entities to disclose additional information about specific expense categories in the notes to financial statements. ASU 2024‑03 is required to be applied prospectively and will be effective for the Company’s 2027 annual reporting and for interim periods beginning in 2028. Early adoption and retrospective application are permitted. The Company does not expect that the adoption of this guidance will have a material impact on the consolidated financial statements, other than additional disclosures in the notes to the consolidated financial statements.
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