Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 178

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 178
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 necessarily indicative of the results of operations to be anticipated for the full fiscal year ending January 31, 2026 or any other period.

New Accounting Pronouncements Issued and Not Yet AdoptedImprovements to Income Tax DisclosuresIn December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction, among other amendments. This new standard is effective for our fiscal year beginning on February 1, 2025 on a prospective basis. Retrospective application is permitted. The adoption of ASU 2023-09 will modify our disclosures but will not have an impact on our financial position or results of operations. The Company will adopt ASU 2023-09 in the fiscal quarter ended January 31, 2026 and is assessing the appropriate transition method. Disaggregation of Income Statement ExpensesIn November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure, in the notes to the financial statements, of additional information about certain costs and expenses for interim and annual reporting periods. This new standard is effective for our fiscal year beginning on February 1, 2027 and interim periods beginning on February 1, 2028 on a prospective basis. Retrospective application is permitted. We are currently evaluating this ASU to determine its impact on our disclosures.

8Veeva Systems Inc. | Form 10-Q

Table of Contents

Targeted Improvements to the Accounting for Internal-Use SoftwareIn September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the recognition and capitalization framework for internal-use software development costs in order to reflect current software development practices. The amendments also require Subtopic 360-10 disclosures for all capitalized internal-use software costs. This new standard is effective for our fiscal year beginning on February 1, 2028 and interim periods within that fiscal year and may be applied prospectively, retrospectively, or using a modified transition approach. Early adoption is permitted. We are