| New Accounting Standards Adoption of Accounting Standards
The following table provides a description of current period adoptions of Accounting Standards Updates (“ASUs”).
| | | | | | | | | | | | | Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | | ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | This ASU establishes new income tax disclosure requirements, as well as adjusts certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation. | January 1, 2025 (Annual Filings) | We adopted this ASU effective January 1, 2025. The adoption did not have a material impact on the consolidated financial statements, including disclosures within the Federal Income Taxes Note. |
Future Adoption of Accounting Standards
The following table provides a description of future adoptions of ASUs that may have an impact on the consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.
| | | | | | | | | | | | | Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | | ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) | This ASU requires disclosure of specified information about certain costs and expenses, including employee compensation, depreciation and intangible asset amortization. | January 1, 2027 | We are evaluating the impact of this ASU to the consolidated financial statements. | | ASU 2025-06, Intangibles - Goodwill and Other – Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | This ASU removes all references to prescriptive and sequential software development stages (referred to as “project stages”) and requires capitalization of software costs when both of the following occur: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). | January 1, 2028 | We are evaluating the impact of this ASU to the consolidated financial statements. |
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