PRIMEENERGY RESOURCES CORP New Standards Disclosure
Recent Accounting Pronouncements:
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning January 1, 2025, with early adoption permitted. The Company adopted ASU 2023-09 as of January 1, 2025, with retrospective application. The adoption did not have a material impact on the Company’s consolidated financial statements.
In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” requiring disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for annual periods beginning January 1, 2027, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its consolidated financial statement disclosures.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 16, 2026 | Showing above |
| 2024 | Apr 15, 2025 | |
| 2023 | Apr 15, 2024 | |
| 2021 | Apr 21, 2022 | |
| 2020 | Apr 26, 2021 | |
| 2019 | May 6, 2020 | |
| 2018 | Apr 16, 2019 | |
| 2017 | Apr 17, 2018 | |
| 2016 | Apr 18, 2017 | |
| 2015 | Apr 8, 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.