LINCOLN EDUCATIONAL SERVICES CORPLINC
LINCOLN EDUCATIONAL SERVICES CORP New Standards Disclosure
New Accounting Pronouncements
In December 2023, the FASB
issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to
Income Tax Disclosures. The amendments in this ASU require that public
business entities on an annual basis (1) disclose specific categories in the
rate reconciliation, and 2) provide additional information for reconciling
items that meet a quantitative threshold. The amendments require disclosure
about the amount of income taxes paid disaggregated (1) by federal, state and
foreign taxes, and (2) by individual jurisdictions in which income taxes paid
is equal or greater than five percent of total income taxes paid. The amendment
also requires entities to disclose income or loss from continuing operations
before income tax expense disaggregated between domestic and foreign and income
tax expense or benefit from continuing operations disaggregated by federal,
state and foreign. For all public business entities, this ASU is effective for
annual periods beginning after December 15, 2024. The Company has adopted this
ASU, and the adoption did not have a material impact on Company's Consolidated
Financial Statements.
In November 2024, the FASB issued Accounting Standard Update (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosure of certain amounts included in the expense captions presented on the statement of operations, as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application for periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company does not expect the adoption of this ASU to have a material impact on its Consolidated Financial Statements.
In July 2025, the FASB issued ASU No. 2025‑05, Financial Instruments – Credit Losses (Topic 326‑20): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. This practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset in determining credit loss reserve for existing receivables and contract assets. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods with early adoption permitted in both interim and annual reporting periods in which financial statements have not yet been issued. The Company does not expect the adoption of ASU 2025-05 to have a material impact on its financial statement disclosures, as it does not intend to elect the practical expedient provided by the ASU.
In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU amends the internal-use software cost capitalization model by eliminating stage-based rules and introduces new capitalization criteria based on management authorization and the probability of project completion. This ASU also clarifies the treatment of software development uncertainty and incorporates guidance on website development costs.
The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. We do not expect this ASU to have a material impact on our Consolidated Financial Statements.
In December
2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):
Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to
improve the consistency and navigability of interim financial reporting. The
ASU provides a comprehensive list of required interim disclosures and
introduces a disclosure principle requiring entities to disclose events
occurring since the end of the last annual reporting period that have a
material impact on the entity. ASU 2025-11 is effective for fiscal years
beginning after December 15, 2027, including interim periods within those
fiscal years. Early adoption is permitted. The Company is currently evaluating
the impact of adopting ASU 2025-11 on its interim Consolidated Financial
Statements and disclosures.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 7, 2023 | |
| 2021 | Mar 3, 2022 | |
| 2020 | Mar 9, 2021 | |
| 2019 | Mar 6, 2020 | |
| 2018 | Mar 13, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Mar 10, 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.