| New Accounting Standards Adoption of New Accounting Standards
The following table provides a description of current period adoptions of new Accounting Standards Updates (“ASUs”).
| | | | | | | | | | | | | Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | | ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | This ASU aims to enhance reportable segment disclosure requirements. It requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclose and describe other segment items and report additional measures of a segment’s profit or loss if used by the CODM. | January 1, 2024 (Annual Filings) and January 1, 2025 (Quarterly Filings) | We adopted this ASU effective January 1, 2024, incorporating the required disclosures in Note 19 to the consolidated financial statements, along with retrospectively updating the applicable tabular disclosures. |
Future Adoption of New Accounting Standards
The following table provides a description of future adoptions of new ASUs that may have an impact on our consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.
| | | | | | | | | | | | | Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | | ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | This ASU establishes new income tax disclosure requirements, as well as adjusts certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation. | January 1, 2025 | We are evaluating the impact of this ASU to disclosures within the Federal Income Taxes Note to the consolidated financial statements. | | ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) | This ASU requires disclosure of specified information about certain costs and expenses, including employee compensation, depreciation and intangible asset amortization. | January 1, 2027 | We are evaluating the impact of this ASU to the consolidated financial statements. |
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