Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 103

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 2
Chunk 103
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In December 2023, the Financial Accounting Standards
Board (“FASB”) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that
addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions.
Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied
on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. We adopted this standard
on January 1, 2025 and determined that the adoption does not have a material impact on these unaudited condensed consolidated financial
statements.

Recently Issued Accounting Pronouncements

On November 4, 2024, the FASB issued ASU 2024-03,
Accounting Standards Update 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional
information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments
in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears
in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure
as the other disaggregation requirements in the amendments. This ASU is effective for annual reporting periods beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the
potential impact that the adoption of this standard will have on our financial statements.

Management does not believe
that any additional recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on
our unaudited condensed financial statements. 

JOBS Act

On April 5, 2012, the
JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying
public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be 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