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Adoption of New Accounting Standards
12 Months Ended
Dec. 31, 2020
Adoption of New Accounting Standards  
Adoption of New Accounting Standards

NOTE 2: Adoption of New Accounting Standards

On January 1, 2020, the Corporation adopted ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” These amendments modified the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. The applicable amendments of ASU 2018-13 were applied prospectively and did not have a material effect on the Corporation’s consolidated financial statements.