Company: BRID
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001493152-25-012266
Chunk: 10

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-08-22
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order
to derive credit loss estimates. The Company adopted this standard on November 4, 2023 which did not have a material or significant impact
on the Company’s Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade accounts
receivable.

In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. ASU No. 2023-07
enhances disclosures of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the
chief operating decision maker (CODM), extending certain annual disclosures to interim periods, and permitting more than one measure
of segment profit or loss to be reported under certain conditions. ASU No. 2023-07 is effective for the Company in fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, including
adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance
and its impact to the financial statements.

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes – Improvements to Income Tax Disclosures. ASU No. 2023-09 is designed
to strengthen the clarity and interpretation of income tax disclosures in order to better assess and understand the impact of taxes on
an entity’s operations including risk and opportunities. ASU No. 2023-09 is effective for the Company in fiscal years beginning
after December 15, 2024, our fiscal year 2026, and will be applied prospectively. The Company is currently evaluating the guidance and
its impact to the financial statements.

In
March 2024, the SEC adopted rules to develop standardized climate-related disclosures by publicly traded companies, including the emission
of greenhouse gases. The rules are currently effective for the Company in the fiscal year beginning in 2027. However, as a result of
pending legal challenges, the actual timing of effectiveness of the rules and applicable phase-in periods, as well as whether portions
of the rules will remain in effect after the legal challenges, are uncertain. The Company is currently evaluating the guidance and its
impact on the financial statements.

In
November 2024 and January 202