v3.26.1
RECENT ACCOUNTING STANDARDS UPDATES
 6 Months Ended
Jun. 30, 2026
RECENT ACCOUNTING STANDARDS UPDATES  
RECENT ACCOUNTING STANDARDS UPDATES

2. RECENT ACCOUNTING STANDARDS UPDATES

Adoption of New Accounting Standards:

None.

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Pending Accounting Standards:

ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses

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The amendments in this Update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments require that, at each interim and annual reporting period, an entity:

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●Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization and (e) depreciation, depletion and amortization recognized as part of oil and gas-producing activities included in each relevant expense caption.
●Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
●Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

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The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027; early adoption is permitted. The amendments should be applied prospectively to financial statements issued for reporting periods after the effective date of this Update or retrospectively to any or all prior periods presented in the financial statements. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition.