MEXCO ENERGY CORP New Standards Disclosure
New Accounting Pronouncements Not Yet Adopted. In November 2024, the FASB issued ASU 2024-03, Topic 220 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of the Income Statement Expenses. The amendments in this update require disclosure in the Company’s annual and interim consolidated financial statements of specified information about certain costs and expenses, including depletion, depreciation and amortization recognized as part of crude oil and natural gas producing activities, and employee compensation. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. While the adoption of this ASU will modify the company’s disclosures, it will not have an impact on the Company’s financial position, results of operations, or liquidity.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jun 27, 2025 | Showing above |
| 2024 | Jun 27, 2024 | |
| 2021 | Jun 25, 2021 | |
| 2020 | Jun 26, 2020 | |
| 2018 | Jun 27, 2018 | |
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.