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RECENT ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Mar. 31, 2025
RECENT ACCOUNTING PRONOUNCEMENTS  
RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 7 – RECENT ACCOUNTING PRONOUNCEMENTS

New accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") with required effective dates. The following accounting pronouncements should be read in conjunction with "Critical Accounting Policies" of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s 2024 Form 10-K.

ASU No. 2023-05.  Business Combinations – “Joint Venture Formations (Subtopic 805-60):  Recognition and Initial Measurement.”  The amendments in this Update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025.  Additionally, a joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively if it has sufficient information.  Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively.  The Company is not currently required to report joint ventures and, as such, the adoption did not have an impact on its consolidated financial statements.

ASU No. 2023-06.  Disclosure Improvements – “Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.”  The amendments in this Update represent changes to clarify or improve disclosure and presentation requirements of a variety of Topics.  Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements.  Also, the amendments align the requirements in the Codification with the SEC’s regulations.  The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited.  The amendments in this Update should be applied

prospectively.  If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity.

ASU No. 2023-08.  “Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60):  Accounting for and disclosure of Crypto Assets (“ASU 2023-08”).”  This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures.  This standard is effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years.  Early adoption is permitted.  The Company does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements.  The Company currently does not hold crypto assets or carry goodwill on its balance sheet, and as such, the adoption did not have an impact on the consolidated financial statements.

ASU No. 2023-09.  “Income Taxes (Topic 740):  Improvements to Income Tax Disclosures.”  This update requires more detailed disclosures of income taxes paid net of refunds received, income from continuing operations before income tax expense or benefit, and income tax expense from continuing operations.  This standard is to be applied on a prospective basis, with retrospective application permitted, and will be effective for the Company for annual periods beginning after December 15, 2024.  We do not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations.

ASU No. 2024-03. “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).” This standard is to be applied to annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027 (as amended by ASU 2025-01). This update requires additional detailed information be disclosed—on an annual and interim basis—about purchase of inventory, employee compensation, depreciation and intangible assets amortization expenses included in each relevant expense caption. Disclosure of the total amount of selling expenses on an interim and annual basis would be required, including definition of selling expenses in annual reporting periods. We do not expect adoption of this standard to have a material impact on the Company’s financial position or results of operations.

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