Company: SKLZ
Filing Date: 2025-11-06
Form Type: 10-K
Source: 0001801661-25-000050
Chunk: 163

Company: Skillz Inc.
Filing Date: 2025-11-06
Form: 10-K
Item: Item 8
Chunk 163
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 Pronouncements Not Yet AdoptedIn December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose specific tax rate reconciliation categories, as well as income taxes paid disaggregated by jurisdiction, amongst other disclosure enhancements. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 should be applied on a prospective basis and retrospective application is permitted. The Company is evaluating the disclosure requirements related to the new standard.In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” and an amendment ASU 2025-01 that clarified the effective date. The new standard requires public entities to disclose disaggregated information about certain costs and expenses in the notes to their financial statements in both annual and interim filings. ASU 2024-03 is effective for financial statements issued for annual reporting periods beginning after December 15, 2026, with early adoption permitted and can be applied either prospectively or retrospectively.  The Company is evaluating the disclosure requirements related to the new standard. In March 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-02, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122” which eliminates the requirement to recognize a liability and corresponding asset for obligations to safeguard crypto assets. This was effective immediately upon its release and applied retrospectively for annual reporting periods after December 15, 2024.  The Company believes this standard will have no material impact on its financial statements or footnotes. In May 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-03, “Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” which addresses how to determine the accounting acquirer in business combinations when the legal acquiree is a VIE, especially when the transaction primarily involves the exchange of equity interests. ASU 2024-03 is effective for financial statements issued for annual reporting periods beginning after December 15, 2026, with early adoption permitted and is to be applied prospectively.  The Company is