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New accounting pronouncements
 9 Months Ended
Sep. 30, 2025
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 2025-02,
Liabilities (Topic 405) -
Amendments to SEC
Paragraphs Pursuant to
SEC Staff Accounting
Bulletin No. 122
The
 
Financial Accounting
 
Standards Board
("FASB")
 
issued
 
Accounting
 
Standard
Update
 
("ASU")
 
2025-02
 
in
 
March
 
2025,
which
 
amends
 
the
 
guidance
 
in
 
Accounting
Standards
 
Codification
 
("ASC")
 
450-10-
S99-1
 
by
 
removing
 
the
 
interpretative
guidance
 
of
 
Section
 
FF
 
of
 
Topic
 
5
 
in
 
the
Staff Accounting Bulletin Series ("SAB") text
that
 
addressed
 
the
 
accounting
 
for
obligations to
 
safeguard crypto-assets
 
held
by platform
 
users to
 
align the
 
ASC with
 
the
latest
 
SAB
 
112
 
directive,
 
ensuring
consistency and clarity.
March 18, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not currently hold crypto-assets.
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 ASC. The ASU
intends
 
to
 
simplify
 
the
 
Codification
 
and
distinguish
 
between
 
nonauthoritative
 
and
authoritative guidance.
January 1, 2025
The
 
Corporation
 
was
 
not
 
impacted
 
by
the adoption of this ASU since it did not
provide for
 
accounting changes
 
or new
presentation
 
or
 
disclosure
requirements.
 
The
 
ASU
 
eliminated
references
 
within
 
the
 
ASC
 
to
 
the
concept
 
statements,
 
which
 
is
considered non-authoritative guidance.
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
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
since
 
the
performance
 
share
 
awards
 
of
 
the
Corporation
 
continue
 
to
 
meet
 
the
requirements of ASC 718-10-15-3.
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
 
was
 
not
 
impacted
 
by
the
 
adoption of
 
this
 
ASU
 
since
 
it does
not currently hold crypto-assets.
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
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
The
 
Corporation
 
was
 
not
 
impacted
 
at
the time of adoption of this ASU since it
elected
 
to
 
prospectively
 
apply
 
the
standard. The Corporation will
 
consider
this
 
guidance
 
for
 
the
 
initial
measurement of assets and liabilities of
joint
 
ventures created
 
after the
 
date of
adoption.
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-07,
Derivatives and Hedging
(Topic 815) and Revenue
from Contracts with
Customers (Topic 606) -
Derivatives Scope
Refinements and Scope
Clarification for Share-
Based Noncash
Consideration from a
Customer in a Revenue
Contract
The
 
FASB
 
issued
 
ASU
 
2025-07
 
in
September 2025, which refines the scope of
derivative accounting under
 
ASC Topic
 
815
and
 
clarifies
 
the
 
treatment
 
of
 
share-based
noncash
 
consideration
 
under
 
ASC
 
Topic
606.
 
The
 
update
 
excludes
 
certain
 
non-
exchange traded
 
contracts with
 
underlyings
based
 
on
 
the
 
operations
 
of
 
one
 
of
 
the
parties from derivative accounting, aiming to
better
 
reflect
 
the
 
nature
 
of
 
these
arrangements
 
and
 
reduce
 
complexity.
 
It
also
 
confirms
 
that
 
share-based
 
noncash
consideration
 
from
 
a
 
customer
 
should
 
be
accounted
 
for
 
under
 
ASC
 
Topic
 
606
 
until
the right
 
to receive
 
or retain
 
such non-cash
consideration
 
becomes
 
unconditional,
promoting
 
consistency
 
in
 
revenue
recognition practices.
January 1, 2027
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 2025-06,
Intangibles - Goodwill and
Other - Internal-Use
Software (Subtopic 350-
40) - Targeted
Improvements to the
Accounting for Internal-
Use Software
The
 
FASB
 
issued
 
ASU
 
2025-06
 
in
September 2025, which seeks to modernize
the
 
accounting
 
for
 
internal-use
 
software
under
 
ASC
 
Subtopic
 
350-40,
 
Intangibles—
Goodwill and Other—Internal-Use Software.
The
 
update
 
replaces
 
the
 
traditional
 
stage-
based
 
model
 
(preliminary,
 
development,
post-implementation)
 
with
 
a
 
principles-
based framework that better
 
reflects current
software
 
development
 
practices,
 
including
agile and cloud-based approaches.
January 1, 2028
The Corporation
 
is currently
 
evaluating
the
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
our
 
accounting
for
 
internal
 
use
 
software
 
considering
our
 
development
 
practices
 
which
 
may
include
 
agile
 
and
 
cloud
 
based
approaches. Given the
 
recent issuance
of
 
this
 
guidance
 
it
 
is
 
too
 
early
 
to
 
tell
whether
 
the
 
impact
 
will
 
be
 
material
 
in
our
 
financial
 
statements
 
and
presentation and disclosures.
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The
 
FASB
 
issued
 
ASU
 
2025-05
 
in
 
July
2025,
 
which
 
permits
 
entities
 
to
 
elect
 
a
practical
 
expedient
 
when
 
accounting
 
for
current
 
accounts
 
receivable
 
and
 
current
contract
 
assets
 
arising
 
from
 
transactions
accounted
 
for
 
under
 
ASC
 
Topic
 
606,
Revenue
 
from
 
Contracts
 
with
 
Customers.
This practical
 
expedient establishes
 
that, in
developing
 
reasonable
 
and
 
supportable
forecasts
 
as
 
part
 
of
 
estimating
 
expected
credit
 
losses,
 
entities
 
assume
 
that
 
current
conditions as
 
of the
 
balance sheet
 
date do
not
 
change
 
for
 
the
 
remaining
 
life
 
of
 
the
asset.
January 1, 2026
The
 
Corporation
 
does
 
not
 
expect
 
that
the adoption of this standard will have a
significant
 
impact
 
on
 
its
 
financial
statements.
FASB ASU 2025-04,
Compensation - Stock
Compensation (Topic 718)
and Revenue from
Contracts with Customers
(Topic 606) - Clarifications
to Share-Based
Consideration Payable to
a Customer
The
 
FASB
 
issued
 
ASU
 
2025-04
 
in
 
May
2025,
 
which
 
clarifies
 
the
 
accounting
 
for
share-based
 
awards
 
granted
 
as
consideration
 
payable
 
to
 
a
 
customer.
 
The
ASU expands
 
the definition
 
of performance
condition
 
for
 
share-based
 
consideration
under ASC 718 and eliminates the forfeiture
policy election for
 
service conditions. It
 
also
confirms
 
that
 
the
 
variable
 
consideration
constraint
 
in
 
ASC
 
606
 
does
 
not
 
apply
 
to
such awards.
January 1, 2027
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
does
 
not
 
grant
 
share-based
payment awards to customers.
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic 810)
- Determining the
Accounting Acquirer in the
Acquisition of a Variable
Interest Entity
The
 
FASB
 
issued
 
ASU
 
2025-03
 
in
 
May
2025 which
 
requires that
 
an entity
 
consider
the
 
factors
 
in
 
paragraphs
 
805-10-55-12
through
 
55-15
 
when
 
it
 
is
 
involved
 
in
 
an
acquisition transaction
 
effected primarily
 
by
exchanging
 
equity
 
interests when
 
the
 
legal
acquiree is
 
a variable
 
interest entity
 
("VIE")
that
 
meets
 
the
 
definition
 
of
 
a
 
business
 
to
determine
 
which
 
entity
 
is
 
the
 
accounting
acquirer.
 
This
 
replaces
 
the
 
previous
requirement
 
that
 
the
 
primary
 
beneficiary
always is the acquirer.
January 1, 2027
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 2024-04, Debt
- Debt with Conversion
and Other Options
(Subtopic 470- 20) -
Induced Conversions of
Convertible Debt
Instruments
The
 
FASB
 
issued
 
ASU
 
2024-04
 
in
November
 
2024,
 
which
 
clarifies
 
the
requirements
 
for
 
determining
 
whether
certain
 
settlements
 
of
 
convertible
 
debt
instruments should
 
be accounted
 
for as
 
an
induced
 
conversion.
 
Also
 
it
 
makes
additional
 
clarifications
 
to
 
assist
stakeholders in
 
applying the
 
guidance. The
ASU
 
clarifies
 
that
 
the
 
incorporation,
elimination,
 
or
 
modification
 
of
 
a
 
volume-
weighted
 
average
 
price
 
("VWAP")
 
formula
does
 
not
 
automatically
 
cause
 
a
 
settlement
to
 
be
 
accounted
 
for
 
as
 
an
 
extinguishment
and
 
that
 
the
 
induced
 
conversion
 
guidance
applies to a convertible
 
debt instrument that
is not currently
 
convertible as long as
 
it had
a substantive
 
conversion feature
 
as of
 
both
its
 
issuance
 
date
 
and
 
the
 
date
 
the
inducement offer is accepted.
January 1, 2026
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 2024-03,
Income Statement -
Reporting Comprehensive
Income - Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The
 
FASB
 
issued
 
ASU
 
2024-03
 
in
November
 
2024,
 
which
 
requires
 
public
entities
 
to
 
disclose
 
additional
 
information
about
 
specific
 
expense
 
categories
 
in
 
the
notes to
 
financial statements
 
at interim
 
and
annual
 
reporting
 
periods
 
to
 
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
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 2023-09,
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)
 
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, 2026
The
 
Corporation
 
will
 
prospectively
adopt
 
ASU
 
2023-09
 
for
 
it's
Consolidated
 
Financial
 
Statements
 
in
the
 
2025
 
Form
 
10-K.
 
The
 
adoption
 
of
this standard
 
will result
 
in the
 
inclusion
of
 
certain
 
new
 
categories
 
in
 
the
effective
 
income
 
tax
 
rate
 
and
 
income
tax expense tabular disclosures, as well
as the
 
disclosure of income
 
taxes paid,
within the income taxes note.
 
 
 
 
 
 
 
 
 
 
 
 
 
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. If by
June 30, 2027 the
SEC has not
removed the
applicable
requirements, the
standard will not
become
 
effective.
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
is
 
subject
 
to
 
SEC's
 
current
disclosure
 
and
 
presentation
requirements under Regulation S-X and
S-K.