Company: FORL
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001213900-25-080962
Chunk: 68

Company: Four Leaf Acquisition Corp
Filing Date: 2025-08-27
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 impact that the adoption of this standard will have on our
financial statements.

35

Management
does not believe that any additional recently issued, but not yet effective, accounting standards, if currently adopted, would have a
material impact on our unaudited condensed financial statements. 

JOBS
Act

On
April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting
requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will
be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.
We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised
accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result,
our unaudited condensed financial statements may not be comparable to companies that comply with new or revised accounting pronouncements
as of public company effective dates.

Additionally,
the Company is in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS
Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company”, the Company chooses to
rely on such exemptions the Company may not be required to, among other things, (i) provide an independent registered public accounting
firm’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide
all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform
and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation
or a supplement to the report of independent registered public accounting firm providing additional information about the audit and the
financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the Chief Executive Officers’ compensation to median employee
compensation. These exemptions will apply for a period of five years following the completion of the IPO or until the Company is no longer
an “emerging growth company,” whichever is earlier.

Inflation
Reduction Act of 2022 

On
August 16, 2022,