XML 31 R15.htm IDEA: XBRL DOCUMENT v3.25.1
Impact of Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Impact of Recent Accounting Pronouncements

(2) Impact of Recent Accounting Pronouncements

 

The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in November 2023. The amendments require disclosure of significant segment expenses and other segment items on an annual and interim basis. Public entities are required to disclose significant expense categories and amounts for each reportable segment, as well as the amount and a description of the composition of other segment items. Significant expense categories are derived from expenses that are regularly provided to an entity’s chief operating decision-maker (“CODM”), and included in a segment’s reported measures of profit or loss. Public entities are also required to disclose the title and position of the CODM and explain how the CODM uses the reported measures of profit or loss in assessing segment performance and deciding how to allocate resources. This ASU requires interim disclosures of certain segment-related disclosures that previously were only required annually. ASU 2023-07 requires annual disclosures for fiscal years beginning January 1, 2024 and interim disclosures for fiscal years beginning January 1, 2025. The Company adopted ASU 2023-07 in 2024, and other than the inclusion of additional disclosures, the adoption did not have a significant impact on the Company’s consolidated financial statements. The standard will be effective for the Company’s consolidated financial statements for interim periods beginning January 1, 2025.

 

The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, in December 2023. The amendments require additional disclosures regarding the rate reconciliation and income taxes paid. ASU 2023-09 also removed certain existing disclosure requirements and is effective for annual periods beginning January 1, 2025. Early adoption is permitted. The amendments in ASU 2023-09 should be applied on a prospective basis, though retrospective application is permitted. Other than the inclusion of additional disclosures, the adoption is not expected to have a significant effect on the Company’s consolidated financial statements.

 

 

The FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses in November 2024. The amendments require new disclosures providing further detail of a company’s income statement expense items. ASU 2024-03 is effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028. Early adoption is permitted. The amendments should be applied on a prospective basis. Other than the inclusion of additional disclosures, the adoption is not expected to have a significant effect on the Company’s consolidated financial statements.