Company: BRID
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001493152-25-012266
Chunk: 45

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-08-22
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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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 is currently evaluating the guidance and
its impact to the financial statements.

In
March 2024, the SEC adopted rules to develop standardized climate-related disclosures by publicly traded companies, including the emission
of greenhouse gases. The rules are currently effective for the Company in the fiscal year beginning in 2027. However, as a result of
pending legal challenges, the actual timing of effectiveness of the rules and applicable phase-in periods, as well as whether portions
of the rules will remain in effect after the legal challenges, are uncertain. The Company is currently evaluating the guidance and its
impact on the financial statements.

In
November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation
Disclosures – Disaggregation of Income Statement Expenses. ASU No. 2024-03 seeks to separately disaggregate expenses on inventory,
employee compensation, depreciation and other items included within each income statement line item that contains these expenses. ASU
No. 2024-03 is effective for the Company in fiscal years beginning after December 15, 2026, our fiscal year 2027, and will be applied
prospectively. The Company is currently evaluating the guidance and its impact to the financial statements.

In
January 2025, the FASB issued ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense Dis