METHODE ELECTRONICS INC New Standards Disclosure
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this ASU on May 2, 2026. See to Note 11, “Income Taxes” for the new required disclosures.
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures.” ASU 2024-03 requires public entities to disclose more detailed information about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses and depreciation. ASU 2024-03 will become effective for the Company’s annual periods beginning in fiscal 2028. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its financial statement disclosures.
In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements”. The amendments clarify and enhance certain aspects of the hedge accounting guidance in ASC Topic 815. ASU No. 2025-09 will become effective for the Company’s annual periods beginning in fiscal 2028. The Company is currently evaluating the effects of this ASU on its financial statements and disclosures.
There have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material effect on the Company’s consolidated financial statements. Further, at May 2, 2026, there are no other pronouncements pending adoption that are expected to have a material effect on the Company’s consolidated financial statements.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 24, 2026 | Showing above |
| 2025 | Jul 9, 2025 | |
| 2024 | Jul 11, 2024 | |
| 2023 | Jun 27, 2023 | |
| 2022 | Jun 23, 2022 | |
| 2021 | Jun 24, 2021 | |
| 2020 | Jun 30, 2020 | |
| 2019 | Jun 20, 2019 | |
| 2018 | Jun 21, 2018 | |
| 2017 | Jun 22, 2017 | |
| 2016 | Jun 23, 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.