Beyond Air, Inc. New Standards Disclosure
Recently Adopted Accounting Standards
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. The Company adopted this standard effective April 1, 2025 prospectively. See Note 11, “Income Taxes,” for further information regarding the Company’s effective income tax.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 26, 2026 | Showing above |
| 2025 | Jun 20, 2025 | |
| 2024 | Jun 24, 2024 | |
| 2023 | Jun 22, 2023 | |
| 2022 | Jun 29, 2022 | |
| 2021 | Jun 10, 2021 | |
| 2020 | Jun 23, 2020 | |
| 2019 | Jun 28, 2019 | |
| 2017 | Mar 30, 2018 | |
| 2016 | Mar 31, 2017 | |
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.