Company: QSJC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008383
Chunk: 42

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 42
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interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial
statements have not yet been issued. The Company is currently evaluating the adoption of this guidance whether or not a material impact
on the Company’s condensed consolidated financial statements.

In March 2024, the FASB issued
ASU 2024-01, “Compensation — Stock Compensation (Topic 718) — Scope Application of
Profits Interest and Similar Awards” (“ASU 2024-01”), which intends to improve clarity and operability
without changing the existing guidance. ASU 2024-01 provides an illustrative example intended to demonstrate how entities that
account for profits interest and similar awards would determine whether a profits interest award should be accounted for in
accordance with Topic 718. Entities can apply the guidance either retrospectively to all prior periods presented in the financial
statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption.
ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual
periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made
available for issuance. The Company is currently evaluating the adoption of this guidance whether or not a material impact on the
Company’s condensed consolidated financial statements.

     12 

In March 2024, the FASB issued ASU 2024-02,
“Codification Improvements — Amendments to Remove References to the Concept Statements” (“ASU 2024-02”).
ASU 2024-02 contains amendments to the FASB Accounting Standards Codification that remove references to various FASB Concepts Statements.
In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references
were used in prior Statements to provide guidance in certain topical areas. ASU 2024-02 is effective for fiscal years beginning
after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the adoption of this guidance whether or
not a material impact on the Company’s condensed consolidated financial statements.

In November 2024, the FASB issued ASU No.
2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Dis