Standards That Are Not Yet Adopted:

Date of

Effect on the

Standard

Issuance

Description

Adoption

Financial Statements

ASU 2023-09 Income taxes (Topic 740): Improvements to Income Tax Disclosures

December 2023

The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.

January 1, 2025

The Company is currently evaluating the impact of adoption and additional disclosure requirements.

ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

November 2023

The amendments in this ASU are to improve the disclosures about reportable segments and add more detailed information about a reportable segment’s expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU does not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments into reportable segments, or the current specifically enumerated segment expenses that are required to be disclosed.

Effective for annual periods beginning after December 15, 2023

Entities are required to apply the disclosure amendments on a retrospective basis to all periods presented. The Company expects the adoption of this standard to impact the disclosures within the financial statements, but no material impact to the Company’s financial condition or results.