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RECENTLY ISSUED ACCOUNTING STANDARDS | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Recently issued accounting standards |
3. | RECENTLY ISSUED ACCOUNTING STANDARDS
Adoption of new accounting standards In November 2023, the FASB issued 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments to ASC 280 Segment Reporting introduce new requirements for a public entity to disclose significant segment expenses and other segment items. We adopted this with effect from January 1, 2024. Refer to Segment Information (note 6) for the prospective impact of the adoption of ASU 2023-07. In March 2024, the FASB issued 2024-01 Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The FASB issued the amendments in this update to improve generally accepted accounting principles (GAAP) by adding illustrative examples to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards (“profits interest awards”) should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. These changes do not impact GLNG’s existing accounting policies or financial statements In March 2024, the FASB issued 2024-02 Codification Improvements—Amendments to Remove References to the Concepts Statements. This update contains amendments to the Codification that remove references to various Concepts Statements (which are non-authoritative US GAAP) and are included in the FASB’s ongoing project to conform, clarify and simplify existing guidance. These changes do not impact GLNG’s existing accounting policies or financial statements. Accounting pronouncements that have been issued but not yet adopted The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted as of December 31, 2024:
Standard | Description | Expected date of Adoption | Effect on our Consolidated Financial Statements
ASU 2023-05 Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. | Removes diversity in practice and requires certain joint ventures, upon formation, to apply a new basis of accounting consistent with ASC 805 Business Combinations in the joint venturer’s separate financial statements. This guidance is effective for all joint ventures with a formation date on or after January 1, 2025; early adoption is permitted. | January 1, 2025 | No impact expected as a result of the adoption of this ASU.
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures | These amendments enhance disclosures relating to income taxes, including the income tax rate reconciliation and information related to income taxes paid. The guidance is effective for us on January 1, 2025. Early adoption is permitted. | January 1, 2025 | We are assessing the impact of this ASU. Upon adoption, if material, the impact will be limited to additional disclosure requirements in our annual financial statements in 2025.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ASU 2025-01 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date | This requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. | January 1, 2027 | We are still assessing the impact of this ASU.
Standard | Description | Expected date of Adoption | Effect on our Consolidated Financial Statements
ASU 2024-04 Debt—Debt with Conversion and Other Options (Subtopic 470-20) | On November 26, 2024, the FASB issued ASU 2024-04,1 which amends ASC 470-202 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. | January 1, 2026 | We are still assessing the impact of this ASU. but it is not expected to be relevant to any of Golar's instruments.

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- Definition The entire disclosure for change in accounting principle. 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