Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 898

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 8
Chunk 898
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ASU 2023-07 became effective and the Company’s management adopted ASU 2023-07 in its financial statements and related disclosures.

Recently
Issued Accounting Standards Not Yet Adopted

In
December 2023, the FASB also issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard
requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid.
The standard is effective for the Company for annual periods beginning after December 15, 2024, with early adoption permitted. The Company
does not expect to early adopt the new standard. The new standard is expected to be applied prospectively, but retrospective application
is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.

In
March 2024, FASB issued ASU No. 2024-01, “Compensation- Stock Compensation (Topic 718): Scope Application of Profits Interest and
Similar Awards.” ASU 2024-01 provides an illustrative example that includes four fact patterns to demonstrate how an entity should
apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance
with Topic 718. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the
impact of ASU 2024-01 on its consolidated financial statements and related disclosures.

    F-15

ZRCN
                                            Inc.

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE YEARS ENDED MARCH 31, 2025 AND 2024

In
November 2024, the FASB issued ASU 2024-03, the intent of which is to improve financial reporting and respond to investor input by requiring
public business entities to disclose additional information about certain expenses in the notes to financial statements in interim and
annual reporting periods. Among other provisions, the new standard requires disclosure of disaggregated amounts for expenses such as
employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the
income statement. Public business entities are required to include certain amounts that are already required to be disclosed under GAAP
in the same disclosure as the other disaggregation requirements as