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New Accounting Pronouncements (Policies) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies |
New accounting pronouncements policies | Recently Adopted Accounting Standards Updates Standard Description Date of adoption Effect on the financial statements 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 Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-02 in March 2023, which amends Accounting Standards Codification ("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 investments not accounted for using the proportional amortization method and instead requires the use of other guidance. January 1, 2024 The Corporation was not impacted by the adoption of this ASU since it does not hold investments in tax equity investments. 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 was not 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 was not impacted by the adoption of this accounting pronouncement since it does not hold equity securities measured at fair value with sale restrictions. Accounting Standards Updates Not Yet Adopted Standard Description Date of adoption Effect on the financial statements FASB ASU 2024-02, Codification Improvements— Amendments to Remove References to the Concepts Statements The FASB issued ASU 2024-02 in March 2024, which removes various references to concept statements from the FASB Accounting Standards Codification. The ASU intends to simplify the Codification and distinguish between nonauthoritative and authoritative guidance. January 1, 2025 The Corporation is currently evaluating any impact that the adoption of this guidance will have on its financial statements and presentation and disclosures. FASB ASU 2024-01, Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards The FASB issued ASU 2024-01 in March 2024, which amends ASC Topic 718 by including an illustrative example to demonstrate how an entity would apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest awards should be accounted for in accordance with ASC Topic 718. The ASU is intended to reduce complexity and diversity in practice. January 1, 2025 The Corporation is currently evaluating any impact that the adoption of this guidance will have on its financial statements and presentation and disclosures. 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 any 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. 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 any impact that the adoption of this guidance will have on its financial statements and presentation and disclosures. Accounting Standards Updates Not Yet Adopted Standard Description Date of adoption Effect on the financial statements 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 requirements 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 requirements 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.

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