USBC, Inc. New Standards Disclosure
On December 13, 2024, the FASB issued ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets. ASU 2023-08 amends ASC 350, Intangibles – Goodwill and Other, to provide guidance on the accounting for and disclosure of crypto assets and requires that the Company (i) subsequently remeasure crypto assets at fair value in the Consolidated Balance Sheets and record gains and losses from remeasurement in Net income (loss) in the Consolidated Statements of Operations; (ii) present crypto assets separate from other intangible assets in the Consolidated Balance Sheets; (iii) present the gains and losses from remeasurement of crypto assets separately in the Consolidated Statements of Operations; and (iv) provide specific disclosures for crypto assets. ASU 2023-08 is required to be adopted for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-08 early on July 1, 2025. Prior to August 6, 2025, the Company did not recognize any digital assets, therefore no impacts to the financial statements occurred in association with the adoption of 2023-08.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 19, 2025 | Showing above |
| 2024 | Nov 14, 2024 | |
| 2023 | Dec 19, 2023 | |
| 2022 | Dec 20, 2022 | |
| 2021 | Dec 21, 2021 | |
| 2020 | Dec 29, 2020 | |
| 2019 | Dec 27, 2019 | |
| 2018 | Dec 21, 2018 | |
| 2017 | Dec 29, 2017 | |
| 2016 | Jan 13, 2017 | |
| 2015 | Nov 4, 2015 | |
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.