v3.25.1
New accounting pronouncements
 3 Months Ended
Mar. 31, 2025
New Accounting Pronouncements and Changes in Accounting Principles  
New Accounting Pronouncements
Note 3 - New accounting pronouncements
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-02,
Liabilities (Topic 405) -
Amendments to SEC
Paragraphs Pursuant to
SEC Staff Accounting
Bulletin No. 122
The
 
Financial
 
Accounting
 
Standards
 
Board
("FASB")
 
issued
 
Accounting
 
Standard
Update
 
("ASU")
 
2025-02
 
in
 
March
 
2025,
which
 
amends
 
the
 
guidance
 
in
 
Accounting
Standards
 
Codification
 
("ASC")
 
450-10-
S99-1
 
by
 
removing
 
the
 
interpretative
guidance
 
of
 
Section
 
FF
 
of
 
Topic
 
5
 
in
 
the
Staff Accounting Bulletin Series ("SAB")
 
text
that
 
addressed
 
the
 
accounting
 
for
obligations
 
to
 
safeguard
 
crypto-assets
 
held
by platform
 
users to
 
align the
 
ASC with
 
the
latest
 
SAB
 
112
 
directive,
 
ensuring
consistency and clarity.
March 18, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
since
 
it
 
does
not hold crypto-assets.
FASB ASU 2024-02,
Codification
Improvements—
Amendments to Remove
References to the
Concepts Statements
 
The
 
FASB
 
issued
 
ASU
 
2024-02
 
in
 
March
2024, which
 
removes various
 
references to
concept statements from the ASC. The ASU
intends
 
to
 
simplify
 
the
 
Codification
 
and
distinguish
 
between
 
nonauthoritative
 
and
authoritative guidance.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the adoption of this ASU
 
since it did not
provide for
 
accounting changes
 
or new
presentation
 
or
 
disclosure
requirements.
 
The
 
ASU
 
eliminated
references
 
within
 
the
 
ASC
 
to
 
the
concept
 
statements,
 
which
 
is
considered non-authoritative guidance.
FASB ASU 2024-01,
Compensation - Stock
Compensation (Topic 718)
- Scope Application of
Profits Interest and Similar
Awards
The
 
FASB
 
issued
 
ASU
 
2024-01
 
in
 
March
2024,
 
which
 
amends
 
ASC
 
Topic
 
718
 
by
including
 
an
 
illustrative
 
example
 
to
demonstrate how
 
an entity
 
would apply
 
the
scope
 
guidance
 
in
 
paragraph
 
718-10-15-3
to determine whether profits interest
 
awards
should be
 
accounted for in
 
accordance with
ASC
 
Topic
 
718.
 
The
 
ASU
 
is
 
intended
 
to
reduce complexity and diversity in practice.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
since
 
the
performance
 
share
 
awards
 
of
 
the
Corporation
 
continue
 
to
 
meet
 
the
requirements of ASC 718-10-15-3.
FASB ASU 2023-08,
Intangibles - Goodwill and
Other - Crypto Assets
(Subtopic 350-60) -
Accounting for and
Disclosure of Crypto
Assets
 
The
 
FASB
 
issued
 
ASU
 
2023-08
 
in
December
 
2023,
 
which
 
amends
 
ASC
Subtopic
 
350-60
 
by
 
requiring
 
that
 
crypto
assets
 
are
 
measured
 
at
 
fair
 
value
 
in
 
the
statement
 
of
 
financial
 
position
 
each
reporting
 
period
 
with
 
changes
 
from
remeasurement
 
being
 
recognized
 
in
 
net
income.
 
The
 
ASU
 
also
 
requires
 
enhanced
disclosures
 
for
 
both
 
annual
 
and
 
interim
 
reporting
 
periods
 
to
 
provide
 
investors
 
with
relevant
 
information
 
to
 
analyze
 
and
 
assess
the
 
exposure
 
and
 
risk
 
of
 
significant
individual crypto asset holdings.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
since
 
it
 
does
not hold crypto-assets.
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-05,
Business Combinations -
Joint Venture Formations
(Subtopic 805-60) -
Recognition and initial
measurement
The
 
FASB
 
issued
 
ASU
 
2023-05
 
in
 
August
2023, which
 
amends ASC
 
Subtopic 805-60
to include
 
specific guidance
 
about how joint
ventures
 
should
 
recognize
 
and
 
initially
measure
 
assets
 
contributed
 
and
 
liabilities
assumed.
 
The
 
amendments
 
require
 
that
 
a
joint venture, upon formation, recognize and
initially
 
measure
 
its
 
assets
 
and
 
liabilities
 
at
fair value.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
but
 
it
 
will
consider
 
this
 
guidance
 
for
 
the
 
initial
measurement of assets and liabilities
 
of
newly
 
created
 
joint
 
ventures
prospectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2024-04,
Debt—Debt with
Conversion and Other
Options (Subtopic 470-
20): Induced Conversions
of Convertible Debt
Instruments
The
 
FASB
 
issued
 
ASU
 
2024-04
 
in
November
 
2024,
 
which
 
clarifies
 
the
requirements
 
for
 
determining
 
whether
certain
 
settlements
 
of
 
convertible
 
debt
instruments
 
should
 
be
 
accounted
 
for
 
as
 
an
induced
 
conversion.
 
Also
 
it
 
makes
additional
 
clarifications
 
to
 
assist
stakeholders
 
in applying
 
the guidance.
 
The
ASU
 
clarifies
 
that
 
the
 
incorporation,
elimination,
 
or
 
modification
 
of
 
a
 
volume-
weighted
 
average
 
price
 
("VWAP")
 
formula
does
 
not
 
automatically
 
cause
 
a
 
settlement
to
 
be
 
accounted
 
for
 
as
 
an
 
extinguishment
and
 
that
 
the
 
induced
 
conversion
 
guidance
applies to a
 
convertible debt instrument
 
that
is not currently
 
convertible as long
 
as it had
a substantive
 
conversion feature
 
as of
 
both
its
 
issuance
 
date
 
and
 
the
 
date
 
the
inducement offer is accepted.
January 1, 2026
The Corporation is currently evaluating
any impact that the adoption of this
guidance will have on its financial
statements and presentation and
disclosures.
FASB ASU 2024-03,
Income Statement—
Reporting Comprehensive
Income—Expense
Disaggregation
Disclosures (Subtopic
220-40): Disaggregation of
Income Statement
Expenses (As updated by
ASU 2025-01)
The
 
FASB
 
issued
 
ASU
 
2024-03
 
in
November
 
2024,
 
which
 
requires
 
public
entities
 
to
 
disclose
 
additional
 
information
about
 
specific
 
expense
 
categories
 
in
 
the
notes to
 
financial statements
 
at interim
 
and
annual
 
reporting
 
periods
 
to
 
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2023-09,
Income Tax (Topic
 
740) -
Improvements to Income
Tax Disclosures
The
 
FASB
 
issued
 
ASU
 
2023-09
 
in
December 2023,
 
which amends
 
ASC Topic
 
740
 
by
 
enhancing
 
disclosures
 
regarding
rate
 
reconciliation
 
and
 
requiring
 
the
disclosure of
 
income taxes paid, income (or
loss)
 
before
 
income
 
tax
 
expense
 
and
income
 
tax
 
expense
 
disaggregated
 
by
national, state and foreign level. Disclosures
that
 
no
 
longer
 
were
 
considered
 
cost
beneficial
 
or
 
relevant
 
were
 
removed
 
from
ASC Topic 740.
For fiscal years
beginning on
January 1, 2025
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2023-06,
Disclosure Improvements -
Codification Amendments
in Response to the SEC’s
 
Disclosure Update and
Simplification Initiative
The FASB
 
issued ASU
 
2023-06 in
 
October
2023
 
which
 
modifies
 
the
 
disclosure
 
or
presentation
 
requirements
 
of
 
various
subtopics
 
in
 
the
 
Codification
 
with
 
the
purpose
 
of
 
aligning
 
U.S.
 
GAAP
requirements
 
with
 
those
 
of
 
the
 
SEC
 
under
Regulation S-X and S-K.
 
The date on which
the SEC removes
related disclosure
requirements from
Regulation S-X or
Regulation S-K. If by
June 30, 2027, the
SEC has not
removed the
applicable
requirements from
Regulation S-X or
Regulation S-K, the
pending content of
the related
amendment will be
removed from the
Codification and will
not become
 
effective for any
entity.
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
is
 
subject
 
to
 
SEC's
 
current
disclosure
 
and
 
presentation
requirements under Regulation S-X and
S-K.