FARMER BROTHERS CO New Standards Disclosure
| Standard | Description | Effective Date | Effect on the Financial Statements or Other Significant Matters | |||||||||||||||||
| In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740)”, Improvements to Income Tax Disclosures | The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. | Effective for annual periods beginning after December 15, 2024. | The Company is still evaluating the impact of this standard. | |||||||||||||||||
| In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280)”, Improvements to Reportable Segment Disclosures. | The amendments in this Update are to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. | Effective for annual periods beginning after December 15, 2023. | The Company adopted the provisions of ASU No. 2023-07 at the beginning of the fourth quarter of fiscal year 2025 and applied them retrospectively. Refer to Note 20, Business Information for additional information. | |||||||||||||||||
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. | The amendments in this Update are to improve the disclosures about a public business entity’s expenses and address requests for more detailed information about the types of expenses in commonly presented expense captions. | Effective for annual reporting periods beginning after December 15, 2026 | The Company is still evaluating the impact of this standard. | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 11, 2025 | Showing above |
| 2024 | Sep 12, 2024 | |
| 2023 | Sep 12, 2023 | |
| 2022 | Sep 2, 2022 | |
| 2021 | Sep 10, 2021 | |
| 2020 | Sep 11, 2020 | |
| 2019 | Sep 11, 2019 | |
| 2018 | Sep 13, 2018 | |
| 2017 | Sep 28, 2017 | |
| 2016 | Sep 14, 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.