Company: QSJC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008383
Chunk: 59

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 financial statements or prospectively to profits interest and similar awards
granted or modified on or after the date of adoption. ASU 2024-01 is effective for annual periods beginning after December 15,
2024, and interim periods within those annual periods. Early adoption is permitted for both interim and annual financial statements that
have not yet been issued or made available for issuance. The Company is currently evaluating the adoption of this guidance whether or
not a material impact on the Company’s condensed consolidated financial statements.

 23 

In March 2024, the FASB issued ASU 2024-02,
“Codification Improvements — Amendments to Remove References to the Concept Statements”
(“ASU 2024-02”). ASU 2024-02 contains amendments to the FASB Accounting Standards Codification that remove
references to various FASB Concepts Statements. In most instances, the references are extraneous and not required to understand or
apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas.
ASU 2024-02 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company
is currently evaluating the adoption of this guidance whether or not a material impact on the Company’s condensed consolidated
financial statements.

In November 2024, the FASB issued ASU No. 2024-03,
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive
Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires
additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses
included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual
reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15,
2027. Both early adoption and retrospective application are permitted. The Group is currently evaluating the adoption of this guidance
whether or