PARK AEROSPACE CORP New Standards Disclosure
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13. |
ACCOUNTING PRONOUNCEMENTS |
Recently Adopted
In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments in the ASU provide changes to income tax disclosure requirements. The amendments in ASU 2023-09 were effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption was permitted. The Company elected to not early adopt ASU 2023-09. The adoption of ASU 2023-09 did not have an impact on the Company’s Consolidated Financial Statements. The required disclosures have been included in Note 4.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 29, 2026 | Showing above |
| 2025 | May 30, 2025 | |
| 2024 | Jun 11, 2024 | |
| 2023 | May 12, 2023 | |
| 2022 | May 12, 2022 | |
| 2021 | May 14, 2021 | |
| 2020 | May 14, 2020 | |
| 2019 | May 20, 2019 | |
| 2018 | May 11, 2018 | |
| 2017 | May 12, 2017 | |
| 2016 | May 13, 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.