v3.26.1
Financial Accounting Standards Board (FASB) Standards Issued
 6 Months Ended
Jun. 30, 2026
Accounting Changes and Error Corrections [Abstract]  
Financial Accounting Standards Board (FASB) Standards Issued Note 2.    Financial Accounting Standards Board (FASB) Standards Issued.
Recently Issued Accounting Standards
Standard
Summary of Guidance
Effective Date
Effects on the Financial Statements
Interim Reporting
ASU 2025-11, Issued
December 2025.
The ASU reorganizes and modernizes interim
reporting guidance in Topic 270. It
consolidates all interim disclosure requirements
from across GAAP into a single comprehensive
list, clarifies the applicability of interim
reporting guidance, and introduces a disclosure
principle requiring entities to disclose material
events occurring after year‑end. The
amendments do not expand or reduce existing
interim disclosure requirements but improve
clarity and consistency.
Effective for annual reporting
periods beginning after December
15, 2027, including interim periods
within those annual periods. Early
adoption permitted.
FHLBNY is currently evaluating the
new guidance and its potential impact
on the Bank’s financial statements.
Hedge Accounting
Improvements
ASU 2025-09, Issued
December 2025.
The ASU updates hedge accounting guidance
to better align with current risk‑management
practices. Key changes include expanding the
ability to group forecasted transactions using a
“similar risk exposure” criterion; establishing a
model for hedging choose‑your‑rate
variable‑rate debt; expanding component
hedging for nonfinancial forecasted
transactions; eliminating the net written option
test for certain compound derivatives; and
improving accounting for dual hedges
involving foreign‑currency‑denominated debt.
Effective for annual reporting
periods beginning after December
15, 2026, including interim periods
within those annual periods. Early
adoption permitted.
FHLBNY is currently evaluating the
new guidance and its potential impact
on the Bank’s financial statements.
Allowance for Credit Losses
on Purchased Seasoned
Loans
ASU 2025-08, Issued
November 2025.
The ASU expands the use of the gross‑up
approach to a new category of acquired
financial assets called “purchased seasoned
loans.” Non‑PCD loans that meet seasoning
criteria (including all non‑PCD loans acquired
in a business combination) must be accounted
for using the gross‑up approach rather than
recording a Day 1 credit loss expense. The
amendments reduce complexity, eliminate
double counting of expected losses, and
improve comparability across acquisitions.
Effective for annual reporting
periods beginning after December
15, 2026, including interim periods
within those annual periods.
Applied prospectively. Early
adoption permitted.
The adoption of this guidance is not
expected to have any material effect
on the Bank's statement of financial
condition, results of operations, or the
statement of cash flows.
Standard
Summary of Guidance
Effective Date
Effects on the Financial Statements
Internal-Use Software
Capitalization
ASU 2025-06, Issued
September, 2025.
The standards in this ASU eliminate references
to prescriptive software development stages.
Under the amended guidance, capitalization of
internal-use software costs begins when (1)
management authorizes and commits funding
to the project, and (2) it is probable the project
will be completed and the software used as
intended.
The requirement is effective for
annual reporting periods beginning
after December 15, 2027, and
interim reporting periods within
those annual reporting periods.
Early adoption is permitted.
FHLBNY is currently evaluating the
new guidance and its potential impact
on the Bank’s financial statements.
Expense Disaggregation
Disclosures
ASU 2024-03, Issued
November 2024.
The standards in the ASU require disclosure in
the notes to financial statements specified
information about certain costs and expenses.
The requirement is effective for
fiscal years beginning after
December 15, 2026, and interim
reporting periods beginning after
December 15, 2027.
FHLBNY is currently evaluating the
new guidance and its potential impact
on the Bank’s financial statements.