Company: BRID
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001493152-25-012266
Chunk: 120

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-08-22
Form: 10-Q
Item: Part I, Item 2
Chunk 120
---
 cause future outcomes to differ materially from those foreseen
in forward-looking statements.

Recently
issued accounting pronouncements and regulations

In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement
of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected
losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order
to derive credit loss estimates. The effective date of the new guidance as amended by ASU No. 2019-10 is fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. The adoption of ASU No. 2019-10 did not have a material or significant
impact on the Company’s Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade
accounts receivable.

In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. ASU No. 2023-07
enhances disclosures of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the
chief operating decision maker (CODM), extending certain annual disclosures to interim periods, and permitting more than one measure
of segment profit or loss to be reported under certain conditions. ASU No. 2023-07 is effective for the Company in fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, including
adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance
and its impact on the financial statements.

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes – Improvements to Income Tax Disclosures. ASU No. 2023-09 is designed
to strengthen the clarity and interpretation of income tax disclosures in order to better assess and understand the impact of taxes on
an entity’s operations including risk and opportunities. ASU No. 2023-09 is effective for the Company in fiscal years beginning
after December 15, 2024, our fiscal year 2026, and will be applied prospectively. The Company