Company: QSJC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008383
Chunk: 12

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable
segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the
Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This
ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses
the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The
ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2023. The Company adopted ASU 2023-07 as of January 1, 2024. The adoption of this guidance did not have a material impact on the Company’s
condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Improvements
to Income Tax Disclosures” which is intended to simplify various aspects related to accounting for income taxes. ASU 2023-09 removes
certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application.
The amendments in ASU 2023-09 are effective for public business entities for fiscal years beginning after December 15, 2024, including
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 202