Company: MLSS
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022276
Chunk: 58

Company: MILESTONE SCIENTIFIC INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 the Financial Accounting Standards Board, “FASB”, issued Accounting Standards Update “ASU” 2024-03,
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),
to improve the disaggregation of expenses within the consolidated statement of operations. The amendments in ASU 2024-03 require
disclosures, in the notes to the consolidated financial statements, specified information about certain costs and expenses. The amendments
require that at each interim and annual reporting period an entity disclose (a) employee compensation, (b) depreciation, and (c) intangible
asset amortization included in each relevant expense caption; include specific amounts that are already required to be disclosed under
current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements; and disclose
a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
The amendments in ASU 2024-03 are effective January 1, 2027, and effective for interim periods beginning January 1, 2028. Early adoption
is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company will evaluate
the impact of ASU 2024-03 on its consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, Income
Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures.
The amendments in ASU 2023-09 provide improvements primarily related to the rate reconciliation and income taxes paid information included
in income tax disclosures. The Company would be required to disclose additional information regarding reconciling items equal to or greater
than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory tax rate. Similarly, the Company
would be required to disclose income taxes paid (net of refunds received) equal to or greater than five percent of total income taxes
paid (net of refunds received). Additionally, the Company would be required to disclose income (loss) from continuing operations before
income tax expense disaggregated by foreign and domestic jurisdictions, as well as income tax expense disaggregated by federal, state,
and foreign jurisdictions. The amendments in ASU 2023-09 are effective January 1, 2025. Early adoption is permitted for annual financial
statements that have not yet been issued or made available for issuance. The Company is