BROWN FORMAN CORPBF-A

BROWN FORMAN CORP New Standards Disclosure

10-KFiled Jun 13, 20251 min read
Recently adopted accounting standard. In November 2023, the Financial Accounting Standards Board (FASB) issued an updated accounting standard requiring additional disclosures about significant segment expenses and other segment items. We adopted the updated standard as of April 30, 2025 (Note 20). Adoption had no material impact on our consolidated financial statements.
Accounting standards not yet adopted. In December 2023, the FASB issued an updated accounting standard requiring additional disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid. We are required to adopt the new guidance beginning in fiscal 2026. The update can be applied either prospectively or retrospectively.
In November 2024, the FASB issued an updated accounting standard requiring disaggregation, in the notes to the financial statements, of expense line items in the income statement that include certain categories of expenses. We are required to adopt the updated standard for annual disclosures beginning in fiscal 2028, and for interim disclosures in fiscal 2029, with earlier adoption permitted. The update can be applied either prospectively or retrospectively.
We are currently evaluating the impact that adopting these accounting standards updates will have on our disclosures.

Historical Timeline

Fiscal YearFiled
2025Jun 13, 2025Showing above
2024Jun 14, 2024
2023Jun 16, 2023
2022Jun 17, 2022
2021Jun 21, 2021
2020Jun 19, 2020
2019Jun 13, 2019
2018Jun 13, 2018
2017Jun 15, 2017
2016Jun 16, 2016

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.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValueGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock Compensation