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Recent Accounting Pronouncements | 6 Months Ended
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Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract] |
Recent Accounting Pronouncements | 2) Recent Accounting Pronouncements Accounting Standards Adopted in 2023 ASU No. 2016-13: “Financial Instruments – Credit Losses (Topic 326)” — Issued in September 2016, ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis (such as mortgage loans held for investment and held to maturity debt securities) and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities Topic 326 requires that credit losses be presented as an allowance rather than as a write-down. The Company adopted this standard on January 1, 2023, and after a review of the affected assets, decreased the opening balance of retained earnings in stockholders’ equity by $671,506 on January 1, 2023. The allowances for credit losses increased (decreased) by the following amounts. Schedule of Increased (Decrease) in Allowances for Credit Losses Upon ASU
|  | Amount |
Mortgage loans held for investment: |  |  |  |
Residential |  | $ | (192,607 | )
Residential construction |  |  | 301,830 |
Commercial |  |  | 555,807 |
Total |  |  | 665,030 |
Restriced assets - mortgage loans held for investment: |  |  |  |
Residential construction |  |  | 3,463 |
Cemetery perpetual care trust investments - mortgage loans held for investment: |  |  |  |
Residential construction |  |  | 3,013 |
Grand Total |  |  | 671,506 |
Accounting Standards Issued But Not Yet Adopted ASU No. 2018-12: “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” — Issued in August 2018, ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits on traditional long-duration contracts by requiring that assumptions be updated after contract inception and by modifying the rate used to discount future cash flows. The standard is aimed at improving the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. In November 2020, the FASB issued an update to ASU No. 2018-12 that requires the standard to be adopted by the Company commencing on January 1, 2025. The Company has made progress in the implementation of the new standard, including the involvement of actuaries, accountants, and systems specialists. However, the Company has not yet estimated the impact the new guidance will have on the consolidated financial statements. The Company has reviewed other recent accounting pronouncements and has determined that they will not significantly impact the Company’s results of operations or financial position. SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2023 (Unaudited)

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