Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 250

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 250
---
 will apply the guidance prospectively for future
acquisitions.

In September 2022, the FASB 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, and the adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Recent Accounting Pronouncements
Not Yet Adopted

In December 2023, the FASB issued
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories
in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional
disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual periods
beginning after December 15, 2024 on a prospective basis with the option to apply it retrospectively. Early adoption is permitted. The
adoption of this guidance will result in the Company being required to include enhanced income tax related disclosures. The Company is
currently evaluating the impact this standard will have on its condensed consolidated financial statements.

In November 2023, the FASB issued
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand the
existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by reportable
segment as well as the segment’s profit or loss measure(s) that are regularly provided to the chief operating decision maker (the
“CODM”) to allocate resources and assess performance; (ii) how the CODM uses each reported segment profit or loss measure
to allocate resources and assess performance; (iii) the nature of other segment balances contributing to reported segment profit or loss
that are not