Company: QSJC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006089
Chunk: 29

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 to improve clarity and operability without changing the existing guidance.
ASU 2024-01 provides an illustrative example intended to demonstrate how entities that account for profits interest and similar awards
would determine whether a profits interest award should be accounted for in accordance with Topic 718. Entities can apply the guidance
either retrospectively to all prior periods presented in the 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.

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.

The Company has considered all other recently
issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its condensed
consolidated financial statements.

 22 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK. 

Not applicable.  

ITEM 4. CONTROLS AND PROCEDURES. 

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing
and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Exchange Act) that is designed
to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported, within the time specified in the Commission