Accounting standard newly cited
Filing comparison
NextTrip, Inc. cited accounting standard ASU 2021-08 for the first time in this filing series
The filing states this standard was adopted in 2021, so this is the first time it has been cited in this series rather than a change of policy in the current period.
Effective January 1, 2021, the Company has adopted ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which created an exception to the recognition and measurement principles of ASC 805, Business Combinations, for the Company’s contract assets and liabilities, including deferred revenue, essentially resulting in the carryover of the historical amounts determined in accordance with ASC 606, Revenue from Contracts with Customers, rather than fair value.
Evidence
- Adopted
- 2021-08
- Adoption year stated
- 2021
- Caveat
- The filing states this standard was adopted in 2021, so this is the first time it has been cited in this series rather than a change of policy in the current period.
- Contexts
- Effective January 1, 2021, the Company has adopted ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which created an exception to the recognition and measurement principles of ASC 805, Business Combinations, for the Company’s contract assets and liabilities, including deferred revenue, essentially resulting in the carryover of the historical amoun
- New standards
- 2021-08, 2024-02, 2024-03, 2024-04, 2025-01, 2025-05, 2025-06, 2025-11, 2025-12
- Prior filed
- 2025-05-29
- Prior form
- 10-K
- Restates existing policy
- Yes
- Source
- accounting standards update (ASU) reference comparison
- Why
- An accounting standard (ASU) appears in this filing that did not appear in the previous comparable one, in a sentence describing it as adopted. That is a change in what the company discloses, which is not always a change of policy in the current period: the filing may state an adoption date years earlier.