Changes in accounting standards – adopted standards for current period
We adopted the following Accounting Standards Updates (ASU) during the current period:
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| ASU | | Description | | Adopted for Year Ended |
| ASU No. 2023-09 | | Income Taxes (Topic 740): Improvements to Income Tax Disclosures | | December 31, 2025 |
Changes in accounting standards – standards not yet adopted
We are currently evaluating the potential impact of the following ASUs on our financial statements and related disclosures. We plan to adopt these ASUs as of their effective dates.
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| ASU | | Description | | Effective for Period Ending |
| ASU No. 2024-03 | | Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses | | December 31, 2027 |
| ASU No. 2025-06 | | Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | | March 31, 2028 |
| ASU No. 2025-10 | | Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities | | March 31, 2029 |
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.