NOTE 18 – IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
In November 2023, the FASB issued amended guidance for improvements to reportable segment disclosures. The amendments in this update require the Company to
disclose significant segment expenses that are regularly provided to the chief operating decision makers, or CODMs, and are included within each reported measure of segment operating results. The standard also requires the Company to disclose the
total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items. In addition, the standard
also requires disclosure of the CODM’s, title and position, as well as detail on how the CODM uses the reported measure of segment operating results to evaluate segment performance and allocate resources. The standard also aligns interim segment
reporting disclosure requirements with annual segment reporting disclosure requirements. The Company adopted this standard effective with our December 31, 2024 year end reporting, and the standard will be effective for interim reporting periods in
fiscal years beginning after December 15, 2024. The standard required retrospective application to all prior periods presented. The standard required additional disclosures related to the Company’s reportable segments, and did not have an impact on
the Company’s results of operations or cash flows due to the adoption of this guidance.
In December 2023, FASB issued amended guidance on Income Taxes: Improvements to Income Tax. The amendments require
the Company to provide further disaggregated income tax disclosures for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes. The standard also requires the
Company to annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard is to be applied on
a prospective basis, although optional retrospective application is permitted. While the standard will require additional disclosures related to the Company’s income taxes, management does not expect the adoption of this guidance to have an impact on
the Company’s results of operations or cash flows.
In November 2024, FASB issued amended guidance which requires disaggregated disclosure of income statement expenses
for public business entities. The guidance does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the
footnotes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.