Company: QSJC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006089
Chunk: 28

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers
not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023, and are applied
prospectively to business combinations that occur after the effective date. The adoption of this guidance did not have a material impact
on the Company’s condensed consolidated financial statements.

In November 2023, the Financial Accounting Standards
Board (“FASB”) issued ASU 2023-07, 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