NEW ACCOUNTING PRONOUNCEMENTS |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| NEW ACCOUNTING PRONOUNCEMENTS | |
| NEW ACCOUNTING PRONOUNCEMENTS | 11. NEW ACCOUNTING PRONOUNCEMENTS In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2024-03, Income Statement (Topic 220): Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. The amendments in this ASU require entities to disclose, in the notes to the financial statements, specified information about certain costs and expenses. The new standard is effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company expects this ASU to only impact its disclosure requirements and does not expect the adoption of the ASU to have a material impact on its consolidated financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement (Subtopic 220-40): Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Clarifying the Effective Date. The amendments in this ASU amend the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2025-01 is permitted. The Company does not expect the adoption of this ASU to have a material effect on its consolidated financial statements. In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326) - Purchased Loans. The amendments expand the population of acquired financial assets subject to the gross-up approach in Topic 326. Under the new guidance, loans (excluding credit card loans) acquired without credit deterioration and deemed “seasoned” are classified as purchased seasoned loans and accounted for using the gross-up approach at acquisition. The standard is effective for annual periods beginning after December 15, 2026, including interim periods within those annual reporting periods. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. The amendments provide a comprehensive list of interim disclosures required under GAAP. The objective of the amendments is to provide clarity about the current requirements, rather than expand or reduce interim disclosure requirements. The standard is effective for interim reporting periods within annual periods beginning after December 15, 2027. The Company does not expect the adoption of this standard to have a material effect on its consolidated financial statements. Other accounting standards that have been issued by the FASB are not currently expected to have a material effect on the Company’s business operations or consolidated financial statements. |