Company: QSJC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001683168-25-008383
Chunk: 13

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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4-01 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.

     12 

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 not a material impact on the Company’s
condensed consolidated financial statements.

In July 2025, the Financial Accounting