RECENT ACCOUNTING PRONOUNCEMENTS
|12 Months Ended
Oct. 31, 2023
|Unusual or Infrequent Items, or Both [Abstract]
|RECENT ACCOUNTING PRONOUNCEMENTS
NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Pronouncements to be Adopted
On October 27, 2023, the FASB issues ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 will affect how we report segment information, starting with our Form 10-K for the year ended October 31, 2025, and our quarterly reports on Form 10-Q starting with our quarterly report for the quarter ended January 31, 2026. The ASU requires that we provide disclosures of significant segment expenses and other segment items that are regularly provided to our CODM and included in each reported measure of segment profit or loss. We will also have to disclose other segment items by reportable segment (i.e., the difference between reported segment revenues less the significant segment expenses (which are disclosed) less reported segment profit or loss). We will identify the CODM and their position within the company and details about the information that they regularly review to make capital allocation and other operating decisions about each segment, as well as an explanation of how the CODM uses the reported measures and other disclosures. The information needed for these disclosures is available, but we will need to determine the best way to provide that information for these required segment disclosures.
On December 13, 2023, the FASB issued Accounting Standards Update 2023-08 entitled Accounting and Disclosure for Crypto Assets (ASU 2023-08,) which changes the accounting model for crypto assets from the existing impairment model to a fair value model. This is a significant change since the impairment model accounted for diminution in value of crypto assets by writing down the crypto asset without the ability to increase the value if prices improved in the future. Under the fair value model, crypto assets will be marked to market at each financial reporting date such that subsequent increases in value of the crypto assets can be recorded. ASU 2023-08 also requires enhanced disclosures about crypto asset transactions. The Company plans to adopt this new standard on November 1, 2025, reserving the option to early adopt ASU 2023-08 if its customers begin to pay for the Company’s products and services with crypto assets. To date, the Company has neither accepted payment for its products and/or services in crypto assets, nor has it received or invested in this class of assets.
On December 14, 2023, the FASB issued Accounting Standards Update 2023-09 entitled Improvements to Income Tax Disclosures (ASU 2023-09), which is primarily applicable to public companies and requires a significant expansion of the granularity of the income tax rate reconciliation as well as an expansion of other income tax disclosures. The majority of the disclosures will only be made on an annual basis, although there is a modest expansion of required quarterly income tax disclosures. The amendments in ASU 2023-09 require disclosure of specific income tax categories in the rate and reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate. There are also additional disclosures related to taxes paid to local jurisdictions, and to income taxes paid. This information is currently available to the Company but was not a required disclosure. The Company expects to adopt ASU 2023-09 on November 1, 2025.