AleAnna, Inc. New Standards Disclosure
NOTE 4 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Accounting Changes Recently Adopted
In December 2023, the FASB issued ASU 2023-09 to improve disclosures and presentation requirements to the transparency of the income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The amendments are effective in annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the guidance beginning January 1, 2025, and adoption has no material effect on the consolidated financial statements and disclosures.
Effective for the year ended December 31, 2025, the Company adopted ASC 280 and ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, due to the Company’s evaluation of operating results between conventional and renewable operations becoming more relevant to the chief operating decision maker in connection with the commencement of production at the Longanesi field. In accordance with the transition guidance, the Company applied these changes retrospectively to all prior periods presented. See Note 14 for further details. The amendments require disclosure of significant segment expense categories that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in each reported measure of segment profit or loss, disclosure of an amount for other segment items and a description of its composition, extension of certain annual segment disclosures to interim periods, and disclosure of the title and position of the CODM and how the CODM uses the reported segment measure(s).
Accounting Changes Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03 to improve the disclosures about a public business entity’s expenses. The update requires more detailed information on expense components, such as inventory purchases, employee compensation, depreciation, amortization, and depletion, within commonly reporting categories like cost of sales, SG&A, and research and development. These amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the provisions of the amendments and the impact on its future consolidated statements and disclosures.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Apr 1, 2024 | |
| 2022 | Apr 21, 2023 | |
| 2021 | Apr 8, 2022 | |
About New Standards Disclosures
New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.
Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.