NIOCORP DEVELOPMENTS LTD New Standards Disclosure
| q) | Recent Accounting Standards |
Recently Adopted Accounting Standards
In fiscal year 2025, we adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. Management has evaluated the Company’s operations and concluded it has one reportable operating segment which will now require expanded disclosure. Adoption was made retroactively with segment disclosure included for the fiscal years ended June 30, 2025 and 2024. This standard has not changed the processing, recording, or presentation of financial data, other than providing additional disclosure regarding management oversight for the Company’s single operating segment.
Issued
and Not Effective
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,
which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of
rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual
periods beginning July 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively.
The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures.
From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 11, 2025 | Showing above |
| 2024 | Sep 23, 2024 | |
| 2023 | Oct 6, 2023 | |
| 2022 | Sep 6, 2022 | |
| 2021 | Sep 8, 2021 | |
| 2020 | Sep 16, 2020 | |
| 2019 | Sep 4, 2019 | |
| 2018 | Aug 31, 2018 | |
| 2017 | Aug 29, 2017 | |
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.