IDT CORP New Standards Disclosure
Recently Adopted Accounting Standard
As of May 1, 2025, the Company adopted ASU No. 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60), Accounting for and Disclosure of Crypto Assets, that changed the accounting for crypto assets from a cost-less-impairment model to fair value, with changes recognized in net income each reporting period. The ASU also requires enhanced disclosures including, among other things, the name, cost basis, fair value, and number of units for each significant holding, and a rollforward of annual activity including additions, dispositions, gains, and losses. The Company does not hold, nor has it held during the period presented, any significant amounts of cryptocurrency or other digital assets and as such, the adoption of this ASU did not impact the Company’s results of operations, cash flows, or financial condition.
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements, primarily through disclosures of significant segment expenses. The Company adopted the new guidance in its annual financial statements for its fiscal year ended July 31, 2025. The adoption of this ASU did not have an impact on the Company’s consolidated financial statements but required additional disclosures.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 29, 2025 | Showing above |
| 2024 | Oct 15, 2024 | |
| 2023 | Oct 16, 2023 | |
| 2022 | Oct 14, 2022 | |
| 2021 | Oct 14, 2021 | |
| 2020 | Oct 14, 2020 | |
| 2019 | Oct 11, 2019 | |
| 2018 | Oct 15, 2018 | |
| 2017 | Oct 16, 2017 | |
| 2016 | Oct 14, 2016 | |
| 2015 | Oct 14, 2015 | |
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.