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New accounting pronouncements | 12 Months Ended
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Dec. 31, 2023
New Accounting Pronouncements and Changes in Accounting Principles |
New Accounting Pronouncements | Note 3 - New accounting pronouncements Recently Adopted Accounting Standards Updates Standard Description Date of adoption Effect on the financial statements FASB ASU 2023-04, Liabilities (Topic 405) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121 The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-04 in August 2023 which amends paragraphs within ASC Topic 405 to clarify the accounting and disclosure for obligations to safeguard Crypto-Assets held by an entity for its platform users. August 2023 The Corporation was not impacted by the adoption of this ASU since it does not hold crypto-assets for its platform users. FASB ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement— Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S- X: Income or Loss Applicable to Common Stock The FASB issued ASU 2023-03 in July 2023 which amends or supersedes various SEC paragraphs within the Codification to conform to past SEC announcements and guidance which updated SAB Topics 5.T, 14, and 6. B. July 1, 2023 The Corporation was not impacted by the adoption of this ASU since it codifies previous guidance. FASB ASU 2022-05, Financial Services - Insurance (Topic 944) - Transition for Sold Contracts The FASB issued ASU 2022-05 in December 2022, which allows an insurance entity to make an accounting policy election of applying the Long-Duration Contracts (LDTI) transition guidance on a transaction- by-transaction basis if the contracts have been derecognized because of a sale or disposal and the insurance entity has no significant continuing involvement with the derecognized contract. January 1, 2023 The Corporation was not impacted by the adoption of ASU 2022-05 during the first quarter of 2023 since it does not hold Long-Duration Contracts (LDTI). FASB ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations The FASB issued ASU 2022-04 in September 2022, which requires to disclose information about the use of supplier finance programs in connection with the purchase of goods and services. January 1, 2023 The Corporation was not impacted by the adoption of ASU 2022-04 since it does not use supplier finance programs. Recently Adopted Accounting Standards Updates Standard Description Date of adoption Effect on the financial statements FASB ASU 2022-02, Financial Instruments— Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures The FASB issued ASU 2022-02 in March 2022, which eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC Subtopic 310-40 Receivables—Troubled Debt Restructurings by Creditors and requires creditors to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, the ASU enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty and enhances the vintage disclosure by requiring the disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases. January 1, 2023 The Corporation adopted ASU 2022-02 during the first quarter of 2023. The adoption of this standard resulted in enhanced disclosure for loans modified to borrowers with financial difficulties and the disclosure of period gross charge offs by vintage year. The Corporation anticipates that there will be loans subject to disclosure under the new standard that did not qualify under the prior guidance given the removal of the concession requirement for such disclosures. The amended guidance eliminated the requirement to measure the effect of the concession from a loan modification, for which the Corporation used a discounted cash flow (“DCF”) model. The impact of discontinuing the use of the DCF model to measure the concession resulted in a release of the allowance for credit losses ("ACL") of $ 46 million, mainly related to mortgage loans for which modifications mostly included a reduction in contractual interest rates and given the extended maturity term of these loans, this resulted in an increase in the ACL in the period of modification. For the transition method related to the recognition and measurement of TDRs, the Corporation has elected to apply the modified retrospective approach for the adoption of this standard. Accordingly, this presented an adjustment increase of $ 29 million, net of tax effect, to the beginning balance of retained earnings on January 1, 2023. FASB ASU 2022-01, Derivatives and Hedging (Topic 815) – Fair Value Hedging—Portfolio Layer Method The FASB issued ASU 2022-01 in March 2022, which amends ASC Topic 815 by allowing non prepayable financial assets also to be included in a closed portfolio hedged using the portfolio layer method. This amendment permits an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable and non- prepayable financial assets without considering prepayment risk or credit risk when measuring those assets. January 1, 2023 The Corporation was not impacted by the adoption of ASU 2022-01 since it does not hold derivatives designated as fair value hedges. FASB ASU 2021-08, Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers The FASB issued ASU 2021-08 in October 2021, which amends ASC Topic 805 by requiring contract assets and contract liabilities arising from revenue contract with customers to be recognized in accordance with ASC Topic 606 on the acquisition date instead of fair value. January 1, 2023 The Corporation was not impacted by the adoption of ASU 2021-08, however, it will consider this guidance for revenue contracts with customers recognized as part of business combinations entered into on or after the effective date. Accounting Standards Updates Not Yet Adopted Standard Description Date of adoption Effect on the financial statements FASB ASU 2023-09, Income Tax ( Topic 740) - Improvements to Income Tax Disclosures The FASB issued ASU 2023-09 in December 2023, which amends ASC topic 740 by enhancing disclosures regarding rate reconciliation and requiring the disclosure of income taxes paid, income (or loss) from continuing operations before income tax expense and income tax expense disaggregated by national, state and foreign level. Disclosures that no longer were considered cost beneficial or relevant were removed from ASC topic 740 January 1, 2025 The Corporation is currently evaluating the impact that the adoption of this guidance will have on its financial statements and presentation and disclosures. FASB ASU 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60) - Accounting for and Disclosure of Crypto Assets The FASB issued ASU 2023-08 in December 2023, which amends ASC subtopic 350-60 by requiring that crypto assets are measured at fair value in the statement of financial position each reporting period with changes from remeasurement being recognized in net income. The ASU also requires enhanced disclosures for both annual and interim reporting periods to provide investors with relevant information to analyze and assess the exposure and risk of significant individual crypto asset holdings. January 1, 2025 The Corporation does not expect to be impacted by the adoption of this ASU since it does not hold crypto-assets for its platform users. FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures The FASB issued ASU 2023-07 in November 2023, which amends ASC topic 280 by requiring additional disclosures about significant segment expenses. For fiscal years beginning on January 1, 2024 For interim periods within fiscal years beginning after January 1, 2025 The Corporation is currently evaluating the impact that the adoption of this guidance will have on its financial statements and presentation and disclosures. FASB ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative The FASB issued ASU 2023-06 in October 2023 which modifies the disclosure or presentation requirements of various subtopics in the Codification with the purpose of aligning U.S. GAAP requirement with those of the SEC under Regulation S-X and S-K. The date on which the SEC removes related disclosure requirements from Regulation S-X or Regulation S-K. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Corporation does not expect to be impacted by the adoption of this ASU since it is currently subject to SEC's current disclosure and presentation requirements under Regulation S-X and S-K. FASB ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60) - Recognition and initial measurement The FASB issued ASU 2023-05 in August 2023, which amends ASC subtopic 805-60 to include specific guidance about how joint ventures should recognize and initially measure assets contributed and liabilities assumed. The amendments require that a joint venture, upon formation, recognize and initially measure its assets and liabilities at fair value. January 1, 2025 Upon adoption of this ASU, the Corporation will consider this guidance for the initial measure of assets and liabilities of newly created joint ventures. FASB ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The FASB issued ASU 2023-02 in March 2023, which amend ASC topic 323 by permitting the election to apply the proportional amortization method to account for tax equity investments that generate income tax credits through investment in low-income-housing tax credit (LIHTC) structures and other tax credit programs if certain conditions are met. The ASU also eliminates the application of the ASC subtopic 323-740 to LIHTC investment not accounted for using the proportional amortization method and instead requires the use of other guidance. January 1, 2024 The Corporation does not expect to be impacted by the adoption of this ASU since it does not hold investments in tax equity investments. Accounting Standards Updates Not Yet Adopted Standard Description Date of adoption Effect on the financial statements FASB ASU 2023-01, Leases (Topic 842) - Common Control Arrangements The FASB issued ASU 2023-01 in March 2023, which amends ASC Topic 842 and requires the amortization leasehold improvements associated with common control leases over the useful life of the leasehold improvements to the common control group as long as the lessee controls the use of the underlying assets through a lease. In addition, the ASU requires companies to account for leasehold improvements associated with common control leases as a transfer between entities under common control through an adjustments to equity if, and when, the lessee no longer controls the use of the underlying asset. January 1, 2024 The Corporation does not expect to be impacted by the adoption of this ASU since it does not hold common control leasehold improvements, however, it will consider this guidance to determine the amortization period for and accounting treatment of leasehold improvements associated with common control leases acquired on or after the effective date. FASB ASU 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction The FASB issued ASU 2022-03 in June 2022, which clarifies that a contractual restriction that prohibits the sale of an equity security is not considered part of the unit of account of the equity security, therefore, is not considered in measuring its fair value. The ASU also provides enhanced disclosures for equity securities subject to a contractual sale restriction. January 1, 2024 The Corporation does not anticipate that the adoption of this accounting pronouncement will have a material effect in its consolidated statement of financial condition and results of operations.

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