Company: FORL
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001213900-25-080962
Chunk: 109

Company: Four Leaf Acquisition Corp
Filing Date: 2025-08-27
Form: 10-Q
Item: Part I, Item 2
Chunk 109
---
09 “Income Taxes (Topic 740): Improvements
to Income Tax Disclosures,” that addresses requests for improved income tax disclosures from investors that use the financial
statements to make capital allocation decisions. Public entities must adopt the new guidance for fiscal years beginning after December
15, 2024. The amendments in this ASU must be applied on a retrospective basis to all prior periods presented in the financial statements
and early adoption is permitted. We adopted this standard on January 1, 2025 and determined that the adoption does not have a material
impact on these unaudited condensed consolidated financial statements.

Recently
Issued Accounting Pronouncements

On
November 4, 2024, the FASB issued ASU 2024-03, Accounting Standards Update 2024-03, Income Statement-Reporting Comprehensive Income-Expense
Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve financial reporting by requiring
that public business entities disclose additional information about specific expense categories in the notes to financial statements
at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements;
however, the amendments affect where such information appears in the notes to financial statements because entities are required to include
certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. This ASU
is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15,
2027. Early adoption is permitted. We are currently evaluating the potential impact that the adoption of this standard will have on our
financial statements.

35

Management
does not believe that any additional recently issued, but not yet effective, accounting standards, if currently adopted, would have a
material impact on our unaudited condensed financial statements. 

JOBS
Act

On
April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting
requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will
be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.
We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised
accounting standards on the relevant dates on which