Company: MCGAU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076738
Chunk: 36

Company: Yorkville Acquisition Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 November 2023, the FASB issued Accounting
Standard Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),
which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant
segment expenses. The standard was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024, with early adoption permitted. We adopted this ASU on March 3, 2025, the date of our
inception. Adoption of the new standard did not have a material impact on our financial statements.

In December 2023, the FASB issued Accounting Standards
Update 2023-09, “Improvements to Income Tax Disclosures” (“ASU 2023-09”), which provides for additional disclosures
primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the
income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state
and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling
items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose
net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five
percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning
after December 15, 2024 with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2023-09 would have
on its financial position, results of operations or cash flows.

21

The Company’s management does not believe
that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on
the accompanying financial statements.

Item 3. Quantitative and Qualitative Disclosures
About Market Risk

Not required for smaller reporting companies.

Item 4. Controls and Procedures Evaluation
of Disclosure Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed
to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed,