Impact of New Accounting Pronouncements

9 Months Ended

Oct. 29, 2022

Impact of New Accounting Pronouncements

Impact of New Accounting Pronouncements

Note 2    Impact of New Accounting Pronouncements

Impact of Prospective Accounting Pronouncements

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities – Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations.  The guidance requires qualitative and quantitative disclosures about supplier finance programs in annual financial statements, including key terms of the programs, amounts outstanding, balance sheet presentation and a rollforward of amounts outstanding during the year.  For interim periods, the ASU requires disclosure of total obligations outstanding that have been confirmed as valid.  The ASU is effective for years beginning after December 15, 2022, except for the rollforward requirement, which is effective in fiscal year 2024.  Early adoption is permitted.  The amendments in the ASU will be applied retrospectively, except for the annual rollforward requirement, which will be applied prospectively.  The adoption of the ASU is not expected to have a material impact on the Company’s financial statement disclosures.