Recent Accounting PronouncementsNew Accounting Pronouncements – Issued But Not Yet Adopted
In November 2024, the Financial Standards Accounting Board (FASB) issued Accounting Standards
Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor
requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial
statements for certain categories of expenses that are included on the face of the income statement. This guidance is
effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after
December 15, 2027, with early adoption permitted. We are evaluating the impact of this ASU on our consolidated financial
statements.
New Accounting Pronouncements – Issued and Adopted
In December 2024, the FASB issued ASU 2023-09, Income Taxes (ASU 2023-09), which requires issuers
to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide
additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional
information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company
as of January 1, 2025 for annual periods. We adopted this standard and applied the disclosure requirements on a
prospective basis effective for the year ended December 31, 2025. The adoption did not have a material impact on our
consolidated financial position or results of operations. Refer to Note 13, Income Taxes, for our updated income tax
disclosure.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires
issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and
interim basis for significant segment expenses and other segment items. The improved disclosure requirements apply to all
public entities that are required to report segment information, including those with only one reportable segment. ASU
2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 is effective for
the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. We adopted the
guidance in the annual period ended December 31, 2024. There was no impact on our reportable segments identified and
additional required disclosures have been included in Note 15. We view our operations as a single segment. See Note 15 on
Segment Reporting.
Other recent accounting pronouncements issued by the FASB did not or are not believed by management to
have a material impact on our financial statements.