RECENT ACCOUNTING STANDARDS UPDATES (Policies)

6 Months Ended

Jun. 30, 2026

RECENT ACCOUNTING STANDARDS UPDATES

Adoption of New Accounting Standards

Adoption of New Accounting Standards:

None.

Pending Accounting Standards:

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

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.

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Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

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Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.