RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
| RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | (2) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures. In January 2025, the FASB issued ASU 2025-01, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date to clarify the effective date of ASU 2024-03. The amendments require additional disclosures of specified categories of expenses intended in the Comprehensive Income presentation. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027 and is currently evaluating the impact of adopting the standard on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025‑06, Intangibles—Goodwill and Other—Internal‑Use Software (Subtopic 350‑40), which modernizes the accounting for internal‑use software by removing development “project stages” and requiring capitalization to begin when management authorizes and completes funding and it is probable the project will be completed and used as intended. The ASU also supersedes the existing website development cost guidance and incorporates it into Subtopic 350‑40. The guidance is effective for annual years beginning after December 15, 2027 and interim reporting, periods within these annual periods, with early adoption permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements. |