.
Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Improvements to Income Tax Disclosures", which enhances income tax disclosure requirements for all entities by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction and providing clarification on uncertain tax positions and related financial statement impacts. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 (year ending December 31, 2025 for the Company). The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 13, "Income Taxes," for additional details on new disclosures.
Financial Instruments - Credit Losses. In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets", which provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. ASU 2025-05 is effective for the Company for fiscal year ending December 31, 2026. The Company adopted the practical expedient of ASU No. 2025-05 on October 1, 2025. The adoption did not have a material impact on its consolidated financial statements. See Note 1(n), "Allowance for Credit Losses," for additional details on new disclosures.
(e) Accounting Pronouncements Not Yet Adopted
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses", which requires public entities to disclose disaggregated information about certain income statement expense line items annually and in interim periods. ASU 2024-03 is effective for the Company beginning in the December 31, 2027 Form 10-K and for interim periods beginning in the March 31, 2028 Form 10-Q.
Targeted Improvements to the Accounting for Internal Use Software. In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-06, "Intangibles, Goodwill and Other Internal-Use Software" (Subtopic 350-40), which removes all references to prescriptive and sequential software development stages (referred to as "project stages") throughout Subtopic 350-40 and specifies new requirements for determining when to begin capitalization of capitalizable project costs. ASU 2025-06 is effective for the Company beginning in December 31, 2027 Form 10-K and for interim periods beginning in the March 31, 2028 Form 10-Q. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating this ASU to determine the impact it will have on the Company's Condensed Consolidated Financial Statements.