Accounting standard newly cited
Filing comparison
Snap-on Inc cited accounting standard ASU 2025-05 for the first time in this filing series
In 2025, Snap-on also adopted ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows entities to elect a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset for current accounts receivable and current contract…
Evidence
- Adopted
- 2025-05
- Contexts
- In 2025, Snap-on also adopted ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows entities to elect a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset for current accounts receivable and current contract…
- New standards
- 2025-05, 2025-06
- Prior filed
- 2025-02-13
- Prior form
- 10-K
- Restates existing policy
- No
- 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.