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New Accounting Standards
 9 Months Ended
Sep. 30, 2023
New Accounting Standards  
New Accounting Standards

(3) New accounting standards

Recently-adopted standards

In July 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement of all expected credit losses of financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for periods beginning after December 15, 2022, and interim periods within those fiscal years. The Company

adopted ASU 2016-13 at January 1, 2023, and the adoption did not have a material impact on its condensed financial statements.