Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 88

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 88
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-13 and its amendments will be effective for the Company for interim and annual periods in fiscal years beginning after December
15, 2022. The Company believes the adoption will modify the way the Company analyzes financial instruments, but it does not anticipate
a material impact on results of operations. The Company is in the process of determining the effects adoption will have on its consolidated
financial statements.

In
August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial
Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce
diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures
in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including
businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The
amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective
application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated
financial statements and disclosures.

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable
segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure
enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker
and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each
reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15,
2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption
is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure
requirements for the effective tax rate reconciliation and income taxes paid. The