Company: LBTYK
Filing Date: 2025-03-25
Form Type: 10-K/A
Source: 0001570585-25-000097
Chunk: 12

Company: Liberty Global Ltd.
Filing Date: 2025-03-25
Form: 10-K/A
Chunk 12
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 The adoption of ASU 2023-09 will result in modifications to our income tax disclosures beginning in 2025.

ASU 2023-05

In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations: Recognition and Initial Measurement ( ASU 2023-05 ), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. ASU 2023-05 is effective prospectively for joint venture formations with a formation date on or after 1 January 2025. We do not expect ASU 2023-05 to have a significant impact on our consolidated financial statements.

(3) Summary of Significant Accounting Policies

#### Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, amongst other things, the valuation of acquisition-related assets and liabilities, allowances for doubtful accounts, certain components of revenue, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalisation of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates.

#### Principles of Consolidation
The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. We also consolidate entities in which we have a controlling financial interest based on either the variable interest entity ( VIE ) or voting interest model. We are required to first apply the VIE model to determine whether we hold a variable interest in an entity, and if so, whether the entity is a VIE. If we determine we do hold a variable interest in a VIE, we then apply the voting interest model. Under the voting interest model, we consolidate an entity when we hold a majority voting interest in an entity. We account for investments in which we have significant influence, but not a controlling financial interest, using the equity method of accounting.

An entity is considered to be a VIE if any of the following conditions exist: (i) the total equity