Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 2408

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 11
Chunk 2408
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 share and per share amounts)

27.Reclassifications - Certain immaterial reclassifications have been made to the Company’s previously issued consolidated financial statements. These reclassifications had no impact on previously reported net income, cash flows or shareholders’ equity.

28.Recent Accounting Pronouncements - Management has reviewed the following recent accounting pronouncements:

2023-07 – Segment Reporting
(Topic 280)

In November 2023, the Financial Accounting
Standards Board (FASB) issued ASU 2023-07, which amends the guidance on segment reporting. This update enhances the disclosure requirements
for reportable segments, primarily by requiring more detailed information about significant segment expenses. The amendments also clarify
the circumstances under which an entity can disclose multiple measures of segment profit or loss and provide new segment disclosure requirements
for entities with a single reportable segment.

The guidance is effective for fiscal
years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption
permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted
ASU 2023-07 using a retrospective approach for all prior periods presented. The adoption of ASU 2023-07 did not have a material impact
on the consolidated financial statements of the Company or its results of operations.

2023-09 – Income Taxes (Topic
740)

In December 2023, the Financial Accounting
Standards Board (FASB) issued ASU 2023-09, which amends the guidance on income tax disclosures. This update aims to improve the transparency
and usefulness of income tax disclosures by requiring entities to provide more detailed information about the nature and effects of income
tax uncertainties, the components of income tax expense, and the effective tax rate reconciliation. Additionally, the ASU mandates enhanced
disclosures about deferred tax assets and liabilities, including the valuation allowance and the impact of tax law changes.

The guidance is effective for fiscal
years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption
permitted. The Company is currently evaluating the timing and impacts of adoption of this ASU.

2024-01 – Compensation –
Stock Compensation (Topic 718)

In March 2024, the Financial Accounting
Standards Board (FASB) issued ASU 2024-01, which clar