Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 2626

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 14
Chunk 2626
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 fiscal years beginning after December 15, 2024, with early adoption
permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted
ASU 2023-07 using a retrospective approach for all prior periods presented. The adoption of ASU 2023-07 did not have a material impact
on the consolidated financial statements of the Company or its results of operations.

2023-09 – Income Taxes (Topic
740)

In December 2023, the Financial Accounting
Standards Board (FASB) issued ASU 2023-09, which amends the guidance on income tax disclosures. This update aims to improve the transparency
and usefulness of income tax disclosures by requiring entities to provide more detailed information about the nature and effects of income
tax uncertainties, the components of income tax expense, and the effective tax rate reconciliation. Additionally, the ASU mandates enhanced
disclosures about deferred tax assets and liabilities, including the valuation allowance and the impact of tax law changes.

The guidance is effective for fiscal
years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption
permitted. The Company is currently evaluating the timing and impacts of adoption of this ASU.

2024-01 – Compensation –
Stock Compensation (Topic 718)

In March 2024, the Financial Accounting
Standards Board (FASB) issued ASU 2024-01, which clarifies the accounting for profits interest awards. This update provides guidance on
determining whether a profits interest or similar award falls within the scope of ASC 718 (Compensation—Stock Compensation) or other
guidance. The ASU aims to ensure consistency and transparency in the accounting for these awards by providing clearer criteria and illustrative
examples.

The guidance is effective for fiscal
years and interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the timing
and impacts of adoption of this ASU.

2024-03 - Income Statement - Reporting
Comprehensive Income - Expense Disaggregation Disclosure

In November 2024, the FASB issued ASU
2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income
Statement Expenses (“ASU 2024-03”), which requires the disaggregation, in