Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 18

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods
beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this ASU on its financial statements and
disclosures.

ASU 2025-01 – Income Statement—Reporting
Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

In January 2025, the FASB issued ASU 2025-01, Income
Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.
This update clarifies the effective date guidance in ASU 2024-03, which requires public business entities to disclose, in the notes to
the financial statements, the disaggregation of certain income statement expense line items. The amendments do not change the disclosure
requirements established by ASU 2024-03 but clarify when entities are required to apply them. For public business entities, the amendments
are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods
beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this ASU on its financial statements and
disclosures.

ASU 2025-05 — Financial Instruments —
Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Financial Instruments —
Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces a practical expedient
to simplify the estimation of expected credit losses for current trade accounts receivable and current contract assets arising from revenue
transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under the expedient, entities may assume that current
conditions as of the balance sheet date will persist for the remaining life of those short-term assets when measuring expected credit
losses. For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2025, and
interim reporting periods within annual reporting periods beginning after December 15, 2025. The Company is currently evaluating the impact
of adopting this ASU on its financial statements and disclosures.

Note
3. Going Concern

The
accompanying consolidated financial