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Future Accounting Pronouncements
 12 Months Ended
Dec. 31, 2023
Future Accounting Pronouncements [Abstract]  
Future Accounting Pronouncements
2.
 
FUTURE ACCOUNTING PRONOUNCEMENTS
The Company considers the applicability and impact of all ASUs issued by the Financial Accounting
Standards Board (“FASB”). The following updates have been issued by the FASB, but as allowed, have
not yet been adopted by Emera. Any ASUs not included below were assessed and determined to be
either not applicable to the Company or to have an insignificant impact on the consolidated financial
statements.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes
 
(Topic
 
740): Improvements to Income
Tax
 
Disclosures. The standard enhances the transparency, decision usefulness and effectiveness of
income tax disclosures by requiring consistent categories and greater disaggregation of information in the
reconciliation of income taxes computed using the enacted statutory income tax rate to the actual income
tax provision and effective income tax rate, as well as the disaggregation of income taxes paid (refunded)
by jurisdiction. The standard also requires disclosure of income (loss) before provision for income taxes
and income tax expense (recovery) in accordance with U.S. Securities and Exchange Commission
Regulation S-X 210.4-08(h), Rules of General Application – General Notes to Financial Statements:
Income Tax
 
Expense, and the removal of disclosures no longer considered cost beneficial or relevant.
The guidance will be effective for annual reporting periods beginning after December 15, 2024, and
interim periods within annual reporting periods beginning after December 15, 2025. Early adoption is
permitted. The standard will be applied on a prospective basis, with retrospective application permitted.
The Company is currently evaluating the impact of adoption of the standard on its consolidated financial
statements.
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic
 
280), Improvements to
Reportable Segment Disclosures. The change in the standard improves reportable segment disclosure
requirements, primarily through enhanced disclosures about significant segment expenses. The changes
improve financial reporting by requiring disclosure of incremental segment information on an annual and
interim basis for all public entities to enable investors to develop more decision-useful financial analyses.
The guidance will be effective for annual reporting periods beginning after December 15, 2023, and for
interim periods beginning after December 15, 2024. Early adoption is permitted. The standard will be
applied retrospectively. The Company is currently evaluating the impact of adoption of the standard on its
consolidated financial statements.