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Future Accounting Pronouncements
 12 Months Ended
Dec. 31, 2024
Future Accounting Pronouncements [Abstract]  
Future Accounting Pronouncements
3. 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.
Disaggregation of Income Statement Expenses
In November 2024, the FASB
 
issued ASU 2024-03, Income Statement Reporting–Comprehensive
Income–Expense Disaggregation Disclosures (Subtopic
 
220-40): Disaggregation of Income Statement
Expenses. The standard update improves the disclosures about
 
a public business entity’s expenses by
requiring more detailed information about the types of
 
expenses (including purchases of inventory,
employee compensation, depreciation and amortization)
 
included within income statement expense
captions. The guidance will be effective for annual
 
reporting periods beginning after December 15, 2026,
and interim reporting periods beginning after December
 
15, 2027. Early adoption is permitted. The
standard updates are to be applied prospectively with the option
 
for retrospective application. The
Company is currently evaluating the impact of adoption
 
of the standard update on its consolidated
financial statements disclosures.
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. 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 disclosures.