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New accounting standards
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New accounting standards New accounting standards
Recently adopted accounting pronouncements
In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures
(Topic 280). ASU 2023-07 updates reportable segment disclosure requirements by requiring disclosures of
significant reportable segment expenses that are regularly provided to the CODM and included within each reported
measure of a segment’s profit or loss. ASU 2023-07 also requires disclosure of the title and position of the
individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s
profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 was effective
for fiscal years beginning after December 15, 2023 and was effective for interim periods within fiscal years
beginning after December 15, 2024. The Company adopted this standard for its fiscal year ended on December 31,
2024, and applied the standard retrospectively to all prior periods presented in these unaudited condensed
consolidated financial statements. See Note 14 (Segment information) for the disclosure related impacts of adopting
this standard.
Recently issued accounting pronouncements not yet adopted
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740).
ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well
as additional information on income taxes paid. ASU 2023-09 is effective on a prospective basis for annual periods
beginning after December 15, 2024. The Company is currently evaluating the provisions of ASU 2023-09 and
expects to adopt the standard for the year ending December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income
- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.
Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The
standard is intended to require more detailed disclosures about specified categories of expenses (including employee
compensation, depreciation and amortization) included in certain expense captions presented on the face of the
statements of operations. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after
December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027.
Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued
for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented
in the financial statements. The Company is currently evaluating the new standard to determine the impact ASU
2024-03 may have on its financial statements and related disclosures, and expects to make additional disclosures
upon adoption.