Company: QSJC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006089
Chunk: 57

Company: TANCHENG GROUP CO., LTD.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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 material impact on the Company’s
condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09,
“Improvements to Income Tax Disclosures” which is intended to simplify various aspects related to accounting for income taxes.
ASU 2023-09 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve
consistent application. The amendments in ASU 2023-09 are effective for public business entities for fiscal years beginning after December
15, 2024, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods
for which financial statements have not yet been issued. 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 2024-01,
“Compensation — Stock Compensation (Topic 718) — Scope Application of Profits Interest and Similar
Awards” (“ASU 2024-01”), which intends 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