(a) Newly Adopted Accounting Standards
During
the
period,
there
has
been
no
new
Accounting
Standards
Update,
or
ASU,
issued
by
the
Financial
Accounting Standards Board,
or the FASB,
that had a material
impact on the Company’s
consolidated financial
statements.
(b) Accounting Standards Not Yet
Implemented
ASU
No.
“2024-03
-
“Income
Statement
–
Reporting
Comprehensive
Income
–
Expense
Disaggregation
Disclosures” (Subtopic
220-40)
: Disaggregation
of Income
Statement Expenses.
In November
2024, the
FASB
issued
ASU
2024-03,
which
requires
disclosure,
in
the
notes
to
financial
statements,
of
specified
information
about certain
costs and
expenses. The
amendments aim
to improve
financial reporting
by requiring
that public
business
entities
disclose
additional
information
about
specific
expense
categories
in
the
notes
to
financial
statements at interim
and annual reporting
periods. The updated
standard is effective
for annual reporting
periods
beginning
after
December
15,
2026,
and
interim
reporting
periods
beginning
after
December
15,
2027.
Early
adoption is permitted. The Company is currently evaluating the impact that the updated standard
will have on its
financial statement disclosures.
ASU
No.
“2025-11
-
Interim
Reporting
(Topic
270
):
Narrow-Scope
Improvements”
issued
ASU
2025-11
to
clarify
interim
financial
reporting
guidance
under
Topic
270.
The
amendments
aim
to
make
the
interim
reporting
requirements
easier
to
navigate
and
apply.
The
amendments
do
not
change
the
substance
of
existing
interim
reporting
requirements
but
reorganize
and
clarify
when
and
how
the
guidance
applies.
The
amendments
also
introduce
a
new
disclosure
principle
requiring
entities
to
disclose
events
and
changes occurring since the end of
the last annual reporting period that have
a material impact on the
entity. The
updated standard will
be effective
for annual periods
beginning after December
15, 2027, and
interim reporting
periods within those annual
reporting periods. The Company
is currently evaluating the
impact that the updated
standard will have on its financial statement disclosures.
There have been
no other recent
accounting pronouncements
not yet effective
that have significance,
or potential
significance, to the Company’s consolidated financial
statements.