Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 654

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 654
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 aggregate amount of other
segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose
the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in
assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual
disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required
to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280.
This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07, which was applied retrospectively
to all prior periods presented. See Note 10 for further details regarding this adoption.

Standards not yet Adopted

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),
which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional
information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income
taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions.
ASU 2023-09 will become effective for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of
ASU 2023-09. 

Our
management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have
a material effect on the accompanying consolidated financial statements.

JOBS
Act

The JOBS
Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We qualify
as an “emerging growth company” under the JOBS Act and are allowed to comply with new or revised accounting pronouncements
based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting
standards, and as a result, we may not comply with new or revised accounting