Annual report [Section 13 and 15(d), not S-K Item 405]

Recent Accounting Standards

v3.26.1
Recent Accounting Standards
 12 Months Ended
Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Standards

2. Recent Accounting Standards

 

Accounting Pronouncements Adopted

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU on January 1, 2025 and the additional disclosures required by this pronouncement are included in Note 16, Income Taxes.

 

Accounting Pronouncements Pending

  

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures”. ASU 2024-03 will require disclosure of specific cost and expense information in the notes to the financial statements. Disclosure shall include inventory purchases, employee compensation, depreciation and intangible asset amortization presented in the face of the income statement for continuing operations. It shall also include certain amounts already disclosed under GAAP in the same disclosure as other disaggregation requirements as well as disclose a qualitative description and the amount of selling expenses. ASU 2024-03 will be effective for the Company in annual periods beginning after December 15, 2026. The amendment contemplates changes in disclosures only and the Company continues to assess the impacts of the amendment.