| Financial Accounting Standards Board (FASB) Standards Issued |
Note 2. Financial Accounting Standards Board (FASB) Standards Issued. Recently Issued Accounting Standards | | | | | | | | | | | | | 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. | | 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. | 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. |
| | | | | | | | | | | | | 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. | | 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. |
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