Summary of business and significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of recent accounting pronouncements

Recent accounting standards

Standard

Description

Company’s date of adoption

Effect on the consolidated financial statements or other significant matters

Standards not yet adopted

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

ASU No. 2023-07

This standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. Additionally, this standard would require that a public entity that has a single reportable segment provide all the disclosures required by the standard and all existing segment disclosures in Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard requires retrospective application.

January 1, 2024

The Company is currently evaluating the impact of adopting this standard on its financial statements and related disclosures.

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU No. 2023-09

This standard requires reporting companies to break out income tax expense and a tax rate reconciliation in more detail. This standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The standard requires prospective transition with the option to apply retrospectively.

January 1, 2025

The Company is currently evaluating the impact of adopting this standard on its financial statements and related disclosures.

Although there are several other new accounting standards issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its consolidated financial statements.