Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 199

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 199
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ASB issued ASU 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose sufficient information about the program. The amendments do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. We adopted the ASU on January 1, 2023.

Recent Accounting Pronouncements Not Yet Adopted

In June 2022, the FASB issued ASU 2022-03,
“Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,”
which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities and requires additional
disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public companies for fiscal years
beginning after December 15, 2023. Early adoption is permitted. This accounting standard update is not expected to have a material
impact on our consolidated financial statements as the amendments align with our existing policy.

In November 2023, the FASB issued ASU 2023-07,
“Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which will add required disclosures
of significant expenses for each reportable segment, as well as certain other disclosures to help investors understand how the chief operating
decision maker (“CODM”) evaluates segment expenses and operating results. The new standard will also allow disclosure of multiple
measures of segment profitability if those measures are used to allocate resources and assess performance. The amendments will be effective
for public companies for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning
after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on
our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09,
“Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a
reporting entity’s effective tax rate reconciliation as well as information on income taxes