USBC, Inc. New Standards Disclosure
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced disclosures surrounding income taxes, particularly related to rate reconciliation and income taxes paid information. The standard is effective for the Company for annual periods beginning October 1, 2025 on a prospective basis with retrospective application permitted for all prior periods presented. The adoption will only impact annual disclosures. The Company adopted ASU No. 2023-09 for the Transition Period, with no material impact to the consolidated financial statements.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 25, 2026 | 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.