XML 30 R10.htm IDEA: XBRL DOCUMENT v3.23.2
New Accounting Standards
 6 Months Ended
Jun. 30, 2023
New Accounting Standards  
New Accounting Standards and Reclassifications

3.NEW ACCOUNTING STANDARDS

Accounting Standards Pending Adoption

Clawback of Executive Compensation Rules.  In October 2022, the Securities and Exchange Commission (the “SEC”) adopted final rules regarding the recovery of erroneously awarded executive incentive compensation. The rules direct U.S. securities exchanges to establish standards to require listed issuers to develop and implement a written policy providing for the recovery of incentive compensation received by current and former executive officers in the event of a required accounting restatement when that compensation was based on an erroneously reported financial reporting measure.  The new rule and related amendments include a number of new disclosure requirements, including requiring issuers to file their recovery policy as an exhibit to their annual reports and establishing new cover page disclosures on Form 10-K indicating whether the financial statements included in the filing reflect the correction of an error and whether the error correction required an incentive compensation recovery analysis.  The U.S. securities exchanges filed listing standards to implement the SEC’s directive, and those listing standards will be effective on October 2, 2023. Registrants listed on those exchanges will be required to adopt a recovery policy by December 1, 2023.

​