| Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting
Policies
[A] Basis of Presentation
The Company’s fiscal year ends on March 31. The accompanying
interim condensed combined and consolidated balance sheet as of
December 31, 2019 and the interim condensed combined and
consolidated statements of operations, comprehensive loss, cash
flows and stockholders’ equity for the three and nine months
ended December 31, 2019 and 2018 are unaudited. The unaudited
interim condensed combined and consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles in the United States of America (“U.S.
GAAP”) and follow the requirements of the Securities and
Exchange Commission (“SEC”) for interim reporting.
Accordingly, they do not include all of the information and
disclosures required by U.S. GAAP for complete financial statements
as certain footnotes or other financial information that are
normally required by U.S. GAAP can be condensed or omitted. The
unaudited interim condensed combined and consolidated financial
statements have been prepared on the same basis as the audited
combined and consolidated financial statements. Any reference in
these notes to applicable guidance is meant to refer to the
authoritative U.S. GAAP as found in the Accounting Standards
Codification (“ASC”) and Accounting Standards Updates
(“ASU”) of the Financial Accounting Standards Board
(“FASB”).
In the opinion of management, the unaudited interim condensed
combined and consolidated financial statements include all the
adjustments, consisting of normal recurring adjustments, necessary
for the fair presentation of the Company’s consolidated
financial position and the combined and consolidated results of its
operations and cash flows for the interim periods presented. The
results for the three and nine months ended December 31, 2019
are not necessarily indicative of the results to be expected for
the year ending March 31, 2020 or for any future period. The
condensed combined and consolidated balance sheet as of
March 31, 2019 included herein was derived from the audited
financial statements as of that date. These interim condensed
combined and consolidated financial statements should be read in
conjunction with the Company’s audited financial statements
included in the Company’s definitive proxy statement filed
with the SEC on November 29, 2019.
Prior to July 6, 2018 (date of formation), the Company’s
financial statements were derived by carving out the historical
results of operations and historical cost basis of the assets and
liabilities associated with product candidate IMVT-1401, that have
been contributed to the Company by RSL, from RSL’s financial
statements. Because the transfer of assets and liabilities in the
formation of the Company were between entities under the common
control of RSL and/or its wholly owned subsidiaries, the financial
statements of the Company have been presented as if the Company had
been a separate business since the acquisition of IMVT-1401 by RSG
on December 19, 2017. Prior to July 6, 2018 (date of
formation), the Company’s financial statements include
reasonable allocations for assets and liabilities and expenses
attributable to the Company’s operations. Beginning on
July 6, 2018 (date of formation), the condensed combined and
consolidated financial statements include the accounts of the
Company and its wholly owned subsidiaries. The Company has no
unconsolidated subsidiaries. All intercompany balances and
transactions have been eliminated in consolidation.
The Company believes that the assumptions underlying the
allocations of expenses as well as assets and liabilities in the
carve-out
The Company has calculated its income tax amounts using a separate
return methodology and it has presented these amounts as if it were
a separate taxpayer from RSL.
In April 2012, the Jumpstart Our Business Startups Act of 2012 (the
“JOBS Act”) was enacted. Section 107(b) of the
JOBS Act provides that an emerging growth company can take
advantage of an extended transition period for complying with new
or revised accounting standards. Thus, an emerging growth company
can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. The Company
has irrevocably elected not to avail itself of this extended
transition period, and, as a result, the Company will adopt new or
revised accounting standards on the relevant dates on which
adoption of such standards is required for other public
companies.
All share and per-share
[B] Use of Estimates
The preparation of condensed combined and consolidated financial
statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the amounts reported in the
condensed combined and consolidated financial statements and
accompanying notes. The Company regularly evaluates estimates and
assumptions related to assets, liabilities, stock-based
compensation, research and development costs and income taxes. The
Company bases its estimates and assumptions on historical
experience and on various other factors that it believes to be
reasonable under the circumstances, the results of which form the
basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results could differ from those estimates.
[C] Risks and Uncertainties
The Company is subject to risks common to early stage companies in
the biopharmaceutical industry including, but not limited to,
uncertainties related to commercialization of products, regulatory
approvals, dependence on key products, third-party service
providers such as contract research organizations, protection of
intellectual property rights and the ability to make milestone,
royalty or other payments due under any license, collaboration or
supply agreements.
[D] Concentration of Credit Risk
Financial instruments that potentially subject the Company to
concentration of credit risk include cash. At December 31,
2019, the cash balance is deposited in one banking institution that
the Company believes is of high credit quality and is in excess of
federally insured levels. The Company maintains its cash with an
accredited financial institution and accordingly, such funds are
subject to minimal credit risk. The Company has not experienced any
losses on its cash deposits.
[E] Cash and Cash Equivalents
The Company considers all highly liquid investments with original
maturities of three months or less from the date of purchase to be
cash equivalents. At December 31, 2019, cash consisted of cash
in bank deposits held at a financial institution. There were no
cash equivalents as of December 31, 2019 or March 31,
2019.
[F] Research and Development Expense
Research and development costs with no alternative future use are
expensed as incurred. Payments for a product license prior to
regulatory approval of the product and payments for milestones
achieved prior to regulatory approval of the product are expensed
in the period incurred as research and development. Milestone
payments made in connection with regulatory approvals are
capitalized and amortized to cost of product sales over the
remaining useful life of the asset. Research and development
expenses primarily consist of employee-related costs and expenses
from third parties who conduct research and development activities
on behalf of the Company. The estimated costs of research and
development activities conducted by third-party service providers,
which primarily include the conduct of clinical trials and contract
manufacturing activities, are accrued over the service periods
specified in the contracts and adjusted as necessary based upon an
ongoing review of the level of effort and costs actually incurred.
The estimate of the work completed is developed through discussions
with internal personnel and external services providers as to the
progress toward completion of the services and the agreed-upon fee
to be paid for such services. As actual costs become known, the
accrued estimates are adjusted. Such estimates are not expected to
be materially different from amounts actually incurred, however the
Company’s understanding of the status and timing of services
performed, the number of subjects enrolled, and the rate of subject
enrollment may vary from estimates and could result in reporting
amounts that are higher or lower than incurred in any particular
period. The estimate of accrued research and development expense is
dependent, in part, upon the receipt of timely and accurate
reporting from clinical research organizations and other
third-party service providers.
[G] Financial Instruments
The Company applies a fair value framework in order to measure and
disclose its financial assets and liabilities. Fair value is
defined as the exchange price that would be received for an asset
or paid to transfer a liability (an exit price) in the principal or
most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date.
The fair value hierarchy requires an entity to maximize the use of
observable inputs, where available, and minimize the use of
unobservable inputs when measuring fair value. There are three
levels of inputs that may be used to measure fair value:
•
Level 1 — Quoted prices in active markets
for identical assets or liabilities.
•
Level 2 — Observable inputs other than
Level 1 prices, such as quoted prices for similar assets or
liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or
liabilities. Fair values are determined by utilizing quoted prices
for similar assets and liabilities in active markets or other
market observable inputs such as interest rates and yield
curves.
•
Level 3 — Unobservable inputs that are
supported by little or no market activity and that are significant
to the fair value of the assets or liabilities.
To the extent the valuation is based on models or inputs that are
less observable or unobservable in the market, the determination of
fair value requires more judgment. Accordingly, the degree of
judgment exercised by the Company in determining fair value is
greatest for instruments categorized in Level 3. A financial
instrument’s level within the fair value hierarchy is based
on the lowest level of any input that is significant to the fair
value measurement.
The Company’s financial instruments consist of cash, accounts
payable, accrued expenses and amounts due to Roivant Sciences Ltd.
These financial instruments are stated at their respective
historical carrying amounts, which approximates fair value due to
their short-term nature.
[H] Foreign Currency
The Company has operations in the United States, the United
Kingdom, Bermuda, and Switzerland. The results of its non-U.S.
[I] Net Loss per Common Share
Basic net loss per common share is computed by dividing net loss
applicable to common stockholders by the weighted-average number of
common shares outstanding during the period. Diluted net loss per
common share is computed by dividing the net loss applicable to
common stockholders by the diluted weighted-average number of
common shares outstanding during the period. In periods in
which the Company reports a net loss, all common stock equivalents
are deemed anti-dilutive such that basic net loss per common share
and diluted net loss per common share are equivalent. Potentially
dilutive common shares have been excluded from the diluted net loss
per common share computations in all periods presented because such
securities have an anti-dilutive effect on net loss per common
share due to the Company’s net loss. There are no reconciling
items used to calculate the weighted-average number of total common
shares outstanding for basic and diluted net loss per common share
data.
The following potentially dilutive securities have been excluded
from the calculation of diluted net loss per share due to their
anti-dilutive effect:
Three Months Ended December 31, Nine Months Ended December 31,
2019 2018 2019 2018
Preferred stock as converted 10,000
— 10,000
—
Restricted stock (unvested) (See Note 3) 1,800,000
— 1,800,000
—
Options 4,209,573 118,843 4,209,573 118,843
Warrants 5,750,000
— 5,750,000
—
Total 11,769,573 118,843 11,769,573 118,843
The Company was formed on July 6, 2018 and basic and diluted
net loss per common share was calculated assuming the shares issued
at formation were outstanding for the period prior to incorporation
adjusted for subsequent share issuances during the period.
The shares and net loss per common share, prior to the Business
Combination, have been retroactively restated as shares reflecting
the exchange ratio established in the Business Combination
(0.48906624 Immunovant, Inc. shares for 1.0 ISL Share).
[J] Deferred Offering Costs
Offering costs comprised of legal, and accounting fees and other
costs incurred through June 30, 2019 were directly related to
ISL’s proposed initial public offering (“IPO”).
In August 2019, ISL’s board of directors determined to
suspend ISL’s IPO registration process. Accordingly, the
Company has written off deferred offering costs previously
capitalized to general and administrative expense within the
accompanying condensed combined and consolidated statement of
operations for the nine months ended December 31, 2019.
[K] Common Stock Warrants
The Company accounts for the issuance of common stock warrants
based on the terms of the contract and whether there are any
requirements for the Company to net cash settle the contract under
any terms or conditions. Warrants for the purchase of 5,750,000
shares of common stock were issued by HSAC as part of the units
sold in its IPO in May 2019. Each unit was comprised of one share
of common stock and a warrant to purchase one half of one share of
common stock upon the consummation of a business combination by
HSAC. None of the terms of the warrants were modified as a result
of the Business Combination.
The warrants are freestanding financial instruments that are
legally detachable from the shares of common stock that were issued
at the same time. The warrants are redeemable at the
Company’s option in certain conditions. The warrants require
settlement to be in physical shares of common stock only. The terms
of all of the outstanding warrant contracts expressly state there
are no requirements for the Company to net cash settle the warrants
under any circumstances. Accordingly, the Company has accounted for
the warrants as equity instruments.
[L] Recently Adopted Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic
842) No. 2016-02”), No. 2016-02 No. 2016-02 right-of-use non-lease | Note 2 — Summary of Significant Accounting
Policies
[A] Basis of Presentation:
The Company’s fiscal year ends on March 31. The accompanying
combined and consolidated financial statements have been prepared
in conformity with generally accepted accounting principles in the
United States of America (“U.S. GAAP”). Any reference
in these notes to applicable guidance is meant to refer to the
authoritative U.S. GAAP as found in the Accounting Standards
Codification (“ASC”) and Accounting Standards Updates
(“ASU”) of the Financial Accounting Standards Board
(“FASB”).
The Company’s financial statements are derived by carving out
the historical results of operations and historical cost basis of
the assets and liabilities associated with product candidate
IMVT-1401, that have been contributed to the Company by RSL, from
RSL’s financial statements. Because the transfer of assets
and liabilities in the formation of the Company were between
entities under the common control of RSL and/or its wholly owned
subsidiaries (See Note 3), the financial statements of the Company
have been presented as if the Company had been a separate business
since the acquisition of IMVT-1401 by RSG on December 19, 2017
and accordingly, the assets, liabilities and expenses relating to
the Company’s operations have been separated from RSL in the
financial statements for periods prior to and after the
Company’s formation through March 31, 2019. The
financial statements as of and for the period ended March 31,
2018, and for the year ended March 31, 2019 include reasonable
allocations for assets and liabilities and expenses attributable to
the Company’s operations. Beginning on July 6, 2018
(date of formation), the combined and consolidated financial
statements include the accounts of Immunovant Sciences Ltd. and its
wholly owned subsidiaries, ISHL, Immunovant, Inc., and ISG. The
Company has no unconsolidated subsidiaries. All intercompany
balances and transactions have been eliminated in
consolidation.
The carve-out
Prepaid expenses, other current assets, fixed assets, accounts
payable, and accrued liabilities reflect 100% of the assets and
liabilities directly related to the Company’s operations.
Compensation and related expenses were allocated based on the
relative percentage of time utilized on company matters by the
respective RSI employee. The allocation of all other assets,
liabilities and expenses was based on management estimates.
The Company believes that the assumptions underlying the
allocations of direct and indirect expenses as well as assets and
liabilities in the carve-out
The Company has calculated its income tax amounts using a separate
return methodology and it has presented these amounts as if it were
a separate taxpayer from RSL.
In April 2012, the Jumpstart Our Business Startups Act of 2012 (the
“JOBS Act”) was enacted. Section 107(b) of the
JOBS Act provides that an emerging growth company can take
advantage of an extended transition period for complying with new
or revised accounting standards. Thus, an emerging growth company
can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. The Company
has irrevocably elected not to avail itself of this extended
transition period, and, as a result, the Company will adopt new or
revised accounting standards on the relevant dates on which
adoption of such standards is required for other public
companies.
[B] Use of Estimates:
The preparation of combined and consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the amounts reported in the combined
and consolidated financial statements and accompanying notes. The
Company regularly evaluates estimates and assumptions related to
assets, liabilities, share-based compensation, research and
development costs and income taxes. The Company bases its estimates
and assumptions on historical experience and on various other
factors that it believes to be reasonable under the circumstances,
the results of which form the basis for making judgments about the
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results could differ from those
estimates.
[C] Risks and Uncertainties:
The Company is subject to risks common to early stage companies in
the biopharmaceutical industry including, but not limited to,
uncertainties related to commercialization of products, regulatory
approvals, dependence on key products, third-party service
providers such as contract research organizations, protection of
intellectual property rights and the ability to make milestone,
royalty or other payments due under any license, collaboration or
supply agreements.
[D] Concentrations of Credit Risk:
Financial instruments that potentially subject the Company to
concentration of credit risk include cash. At March 31, 2019
substantially all of the cash balance is deposited in two banking
institutions that the Company believes are of high credit quality
and are in excess of federally insured levels. The Company
maintains its cash with accredited financial institutions and
accordingly, such funds are subject to minimal credit risk. The
Company has not experienced any losses on its cash deposits.
[E] Cash and Cash Equivalents:
The Company considers all highly liquid investments with original
maturities of three months or less from the date of purchase to be
cash equivalents. At March 31, 2019, cash consisted of cash in
bank deposits held at financial institutions.
[F] Property and Equipment:
Property and equipment, consisting of computers, is recorded at
cost. Maintenance and repairs that do not improve or extend the
lives of the respective assets are expensed to operations as
incurred. Upon disposal, retirement or sale, the related cost and
accumulated depreciation is removed from the accounts and any
resulting gain or loss is included in the combined and consolidated
statements of operations. Depreciation is recorded using the
straight-line method over the estimated useful life of three
years.
The Company reviews the recoverability of all long-lived assets,
including the related useful lives, whenever events or changes in
circumstances indicate that the carrying amount of a long-lived
asset might not be recoverable. Recoverability is measured by
comparison of the book values of the assets to future net
undiscounted cash flows that the assets are expected to generate.
If such assets are considered to be impaired, the impairment to be
recognized is measured as the amount by which the book value of the
assets exceed their fair value, which is measured based on the
projected discounted future net cash flows arising from the
assets.
[G] Contingencies:
The Company may be, from time to time, a party to various disputes
and claims arising from normal business activities. The Company
continually assesses litigation to determine if an unfavorable
outcome would lead to a probable loss or reasonably possible loss
which could be estimated. The Company accrues for all contingencies
at the earliest date at which the Company deems it probable that a
liability has been incurred and the amount of such liability can be
reasonably estimated. If the estimate of a probable loss is a range
and no amount within the range is more likely than another, the
Company accrues the minimum of the range. In the cases where the
Company believes that a reasonably possible loss exists, the
Company discloses the facts and circumstances of the litigation,
including an estimable range, if possible.
[H] Research and Development Expense:
Research and development costs with no alternative future use are
expensed as incurred. Payments for a product license prior to
regulatory approval of the product and payments for milestones
achieved prior to regulatory approval of the product are expensed
in the period incurred as research and development. Milestone
payments made in connection with regulatory approvals are
capitalized and amortized to cost of product sales over the
remaining useful life of the asset. Research and development
expenses primarily consist of employee-related costs and expenses
from third parties who conduct research and development activities
on behalf of the Company. The estimated costs of research and
development activities conducted by third-party service providers,
which primarily include the conduct of clinical trials and contract
manufacturing activities, are accrued over the service periods
specified in the contracts and adjusted as necessary based upon an
ongoing review of the level of effort and costs actually incurred.
The estimate of the work completed is developed through discussions
with internal personnel and external services providers as to the
progress toward completion of the services and the agreed-upon fee
to be paid for such services. As actual costs become known, the
accrued estimates are adjusted. Such estimates are not expected to
be materially different from amounts actually incurred, however the
Company’s understanding of the status and timing of services
performed, the number of subjects enrolled, and the rate of subject
enrollment may vary from estimates and could result in reporting
amounts that are higher or lower than incurred in any particular
period. The estimate of accrued research and development expense is
dependent, in part, upon the receipt of timely and accurate
reporting from clinical research organizations and other
third-party service providers.
[I] Income Taxes:
The Company accounts for income taxes under the asset and liability
method, which requires the recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that
have been included in the combined and consolidated financial
statements. Under this method, deferred tax assets and liabilities
are determined on the basis of the differences between amounts in
the combined and consolidated financial statements and the tax
bases of assets and liabilities using enacted tax rates in effect
for the year in which the differences are expected to reverse. The
effect of a change in tax rates on deferred tax assets and
liabilities is recognized in income tax (benefit) expense in the
accompanying statement of operations in the period that includes
the enactment date.
The Company recognizes deferred tax assets to the extent that it
believes these assets are more likely than not to be realized. In
making such a determination, the Company considers all available
positive and negative evidence, including future reversals of
existing taxable temporary differences, projected future taxable
income, tax-planning
When uncertain tax positions exist, the Company recognizes the tax
benefit of tax positions to the extent that the benefit will more
likely than not be realized. The determination as to whether the
tax benefit will more likely than not be realized is based upon the
technical merits of the tax position as well as consideration of
the available facts and circumstances. The Company’s policy
is to recognize interest and/or penalties related to income tax
matters in income tax expense.
[J] Share-based Compensation:
Share-based awards to employees and directors are valued at fair
value on the date of the grant and that fair value is recognized as
share-based compensation expense over the requisite service period.
The Company values its stock options that only have service vesting
requirements or performance-based awards without market conditions
using the Black-Scholes option pricing model. For performance-based
awards with market conditions, the Company determines the fair
value of awards as of the grant date using a Monte Carlo simulation
model.
Certain assumptions need to be made with respect to utilizing the
Black-Scholes option pricing model, including the expected life of
the award, volatility of the underlying shares, the risk-free
interest rate and the fair value of the Company’s common
shares. Since the Company has no option exercise history, it has
generally elected to estimate the expected life of an award based
upon the “simplified method” with the continued use of
this method extended until such time the Company has sufficient
exercise history. The risk-free interest rate is based on the rates
paid on securities issued by the U.S. Treasury with a term
approximating the expected life of the equity award. The expected
share price volatility for the Company’s common shares is
estimated by taking the average historical price volatility for
industry peers. The Company accounts for pre-vesting
As part of the valuation of share-based compensation under the
Black-Scholes option pricing model, it is necessary for the Company
to estimate the fair value of its common shares. Given the absence
of a public trading market, and in accordance with the American
Institute of Certified Public Accountants’ Practice Guide,
Valuation of Privately-Held-Company Equity Securities Issued as
Compensation,
Determining the appropriate amount to expense for performance-based
awards based on the achievement of stated goals requires judgment.
The estimate of expense is revised periodically based on the
probability of achieving the required performance targets and
adjustments are made as appropriate. The cumulative impact of any
revisions is reflected in the period of change. If any applicable
financial performance goals are not met, no compensation expense is
recognized, and any previously recognized compensation cost is
reversed.
[K] Financial Instruments:
The Company applies a fair value framework in order to measure and
disclose its financial assets and liabilities. Fair value is
defined as the exchange price that would be received for an asset
or paid to transfer a liability (an exit price) in the principal or
most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date.
The fair value hierarchy requires an entity to maximize the use of
observable inputs, where available, and minimize the use of
unobservable inputs when measuring fair value. There are three
levels of inputs that may be used to measure fair value:
•
Level 1 — Quoted prices in active markets for
identical assets or liabilities.
•
Level 2 — Observable inputs other than
Level 1 prices, such as quoted prices for similar assets or
liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or
liabilities. Fair values are determined by utilizing quoted prices
for similar assets and liabilities in active markets or other
market observable inputs such as interest rates and yield
curves.
•
Level 3 — Unobservable inputs that are supported
by little or no market activity and that are significant to the
fair value of the assets or liabilities.
To the extent the valuation is based on models or inputs that are
less observable or unobservable in the market, the determination of
fair value requires more judgment. Accordingly, the degree of
judgment exercised by the Company in determining fair value is
greatest for instruments categorized in Level 3. A financial
instrument’s level within the fair value hierarchy is based
on the lowest level of any input that is significant to the fair
value measurement.
The Company’s financial instruments consist of cash, accounts
payable, and accrued expenses. These financial instruments are
stated at their respective historical carrying amounts, which
approximates fair value due to their short-term nature.
[L] Foreign Currency:
The Company has operations in the United States, the United
Kingdom, Bermuda, and Switzerland. The results of its non-U.S.
[M] Net Loss Per Common Share:
Basic net loss per common share is computed by dividing net loss
applicable to common shareholders by the weighted-average number of
common shares outstanding during the period. Diluted net loss per
common share is computed by dividing the net loss applicable to
common shareholders by the diluted weighted-average number of
common shares outstanding during the period calculated in
accordance with the treasury stock method. For the period from
December 19, 2017 to March 31, 2018, there were no
instruments outstanding and the net loss per share was calculated
as if the shares issued at formation were outstanding for the
period ended March 31, 2018. For the year ended March 31,
2019, options to purchase 189,269 common shares were not included
in the calculation of diluted weighted-average number of common
shares outstanding because they were anti-dilutive given the net
loss of the Company. The Company was formed on July 6, 2018
and basic and diluted net loss per common share was calculated
assuming the shares issued at formation were outstanding for the
period prior to incorporation adjusted for subsequent share
issuances during the period.
[N] Recently Issued Accounting Pronouncements:
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic
842) No. 2016-02”), No. 2016-02 No. 2016-02
The Company plans to adopt the requirements of the new lease
standard effective April 1, 2019. The Company will elect the
optional transition method to apply the standard as of the
effective date and therefore will not apply the standard to the
comparative periods presented in the financial statements. The
Company will elect the transition package of three practical
expedients permitted within the standard, which eliminates the
requirements to reassess prior conclusions about lease
identification, lease classification, and initial direct costs. The
Company will not elect the hindsight practical expedient, which
permits the use of hindsight when determining lease term and
impairment of right-of-use non-lease
In June 2018, the FASB issued ASU No. 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment
Accounting,” No. 2018-07. No. 2018-07 No. 2018-07
In August 2018, the FASB issued ASU No. 2018-13, Fair Value
Measurement (Topic 820): Disclosure Framework — Changes to
the Disclosure Requirements for Fair Value Measurement, No. 2018-13. 2018-13 No. 2018-13 No. 2018-13
[O] Recently Adopted Accounting Pronouncements:
In January 2016, the FASB issued ASU No. 2016-01, Financial
Instruments — Overall (Subtopic 825-10) Recognition and
Measurement of Financial Assets and Financial Liabilities No. 2016-01”) No. 2016-01 No. 2016-01
In November 2016, the FASB issued ASU No. 2016-18, No. 2016-18. beginning-of-period end-of-period No. 2016-18 No. 2016-18 No. 2016-18
In January 2017, the FASB issued ASU No. 2017-01, Business
Combinations (Topic 805): Clarifying the Definition of a
Business No. 2017-01”), No. 2017-01
In February 2018, the FASB issued ASU No. 2018-02, Income
Statement-Reporting Comprehensive Income :
Reclassification of Certain Tax Effects from Accumulated Other
Comprehensive Income No. 2018-02”). No. 2018-02 No. 2018-02 ASU 2018-02 |
