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ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Description | | This ASU is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table and income taxes paid to be disaggregated by jurisdiction. It also includes certain amendments to improve the effectiveness of income tax disclosures. |
Effective Date | | Effective for annual periods beginning after December 15, 2024. |
Effect on the Consolidated Financial Statements | | The Corporation adopted the ASU retrospectively in 2025. The adoption of this standard resulted in additional disclosures in the Corporation's Consolidated Financial Statements, but it did not materially impact the Corporation's results of operations. |
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Recently issued but not yet effective accounting standards | | | | | | | | | | |
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ASU 2024-03, Income Statement Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expense |
Description | | This ASU will change the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (for example, employee compensation, depreciation, and amortization) in expense captions. |
Effective Date | | Fiscal years beginning after December 31, 2026 and interim periods within fiscal years beginning after December 31, 2027. Early adoption is permitted. |
Effect on the Consolidated Financial Statements | | The ASU is not expected to have an impact on the Corporation's financial statements. |
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ASU 2025-08, Financial Instruments - Credit Losses (Topic 326) Purchased Loans |
Description | | This ASU amends the guidance on the accounting for certain purchased loans. The new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to the current expected credit loss model. |
Effective Date | | Effective beginning January 1, 2027. Early adoption is permitted. |
Effect on the Consolidated Financial Statements | | The ASU is not expected to have a significant impact on the Corporation's financial statements. |