Company: QSJC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006089
Chunk: 56

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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 included in the Company’s advance from customers’ balance
as of December 31, 2024 and 2023, respectively.

For all reporting periods, the Company has not
disclosed the value of unsatisfied performance obligations for all product revenue contracts with an original expected length of one year
or less, which is an optional exemption that is permitted under the adopted rules. 

For all reporting periods, the Company has not
disclosed the value of unsatisfied performance obligations for all product revenue contracts with an original expected length of one year
or less, which is an optional exemption that is permitted under the adopted rules.

 21 

Recent accounting pronouncements

In October 2021, the FASB issued ASU No. 2021-08,
“Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”
(“ASU 2021-08”). This ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract
liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition
and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers
not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023, and are applied
prospectively to business combinations that occur after the effective date. The adoption of this guidance did not have a material impact
on the Company’s condensed consolidated financial statements.

In November 2023, the Financial Accounting Standards
Board (“FASB”) issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable
segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the
Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This
ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses
the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The
ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December
15, 2023. The Company adopted ASU 2023-07 as of January 1, 2024. The adoption of this guidance did not have a