THERMO FISHER SCIENTIFIC INC. New Standards Disclosure
| Standard | Description | Adoption timing and approach | Impact of adoption or other significant matters | |||||||||||||||||
| Standards recently adopted | ||||||||||||||||||||
ASU No. 2022-04, Liabilities–Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations | New guidance to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under supplier finance programs for each period presented. | Some aspects adopted in 2023 using a retrospective method and other aspects adopted in 2024 using a prospective method | Not material | |||||||||||||||||
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | Among other things, new guidance to disclose additional information about the tax rate reconciliation and income taxes paid. | 2025 annual report and interim periods thereafter using a prospective method | Increased disclosures in Notes 7 and 9 | |||||||||||||||||
| Standards not yet adopted | ||||||||||||||||||||
ASU No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses | New guidance to disclose specified information about certain costs and expenses. | 2027 annual report and interim periods thereafter using a prospective or retrospective method | Will increase disclosures in Note 6 | |||||||||||||||||
| Standard | Description | Adoption timing and approach | Impact of adoption or other significant matters | |||||||||||||||||
ASU No. 2025-06, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | Among other things, new guidance to modernize the accounting for costs to develop software for internal use. | 2028 annual report and interim periods thereafter using a prospective, retrospective, or modified transition method; early adoption is permitted. | Currently evaluating adoption impact, timing, and method | |||||||||||||||||
ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities | Among other things, establishes guidance for the recognition, measurement, and presentation of government grants. | 2029 using a retrospective, modified retrospective, or modified prospective approach; early adoption is permitted. | Currently evaluating adoption impact, timing, and method | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 25, 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.