TANDY LEATHER FACTORY INCTLF

TANDY LEATHER FACTORY INC New Standards Disclosure

10-KFiled Feb 24, 20261 min read
Recently Adopted Accounting Pronouncements
The Financial Accounting Standard Board (FASB) issued an Accounting Standard Update ASU 2023-09 Income Taxes (Topic 740)  - improvement to income tax disclosure. This guidance requires enhanced annual disclosure of income tax rate reconciliation categories and quantitative thresholds for reconciling items and is effective for fiscal years beginning after December 15, 2024. The new guidance did not have any significant impact on our financial presentation but the Company has adopted as applicable.
TheFASB also issued an Accounting Standard Update ASC 220-40 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation disclosures”. This guidance requires public business entities (PBEs) to disaggregate specific expense captions (e.g., COGS, SG&A) into five natural categories—purchases of inventory, employee compensation, depreciation, amortization, and depletion—in annual and interim financial statement notes. It is effective for fiscal years after December 15, 2026 and the Company is evaluating the impact and applicability to our financial reporting.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 26, 2025
2023Mar 22, 2024
2022Mar 31, 2023
2021Mar 31, 2022
2020Sep 2, 2021
2019Jun 22, 2021
2018Mar 8, 2019
2017Mar 8, 2018
2016Mar 27, 2017
2015Mar 30, 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.

Other Available Disclosures

Income TaxesLeasesSegmentsDebtCommitments