Central Plains Bancshares, Inc. New Standards Disclosure
Accounting Developments—The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, in December 2023. The amendments require additional disclosures regarding the rate reconciliation and income taxes paid. ASU 2023-09 also removed certain existing disclosure requirements and is effective for annual periods beginning January 1, 2025. The Company adopted effective April 1, 2025, and elected to adopt the amendments retrospectively. Other than the inclusion of additional disclosures, the adoption did not have a significant effect on the Company’s consolidated financial statements.
In March 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-01, “Compensation—Stock Compensation (Topic 718): Scope Applications of Profits Interests and Similar Awards” (ASU 2024-01). ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S. GAAP. ASU 2024-01 is effective for annual periods beginning after December 15, 2025, although early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial position, results of operations, or disclosures.
In November 2024, the FASB issued ASU 2024‑03, Income Statement Reporting—Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses, which requires expanded disclosures regarding the disaggregation of certain expense categories, including employee compensation, depreciation, and other material components of operating expenses. In January 2025, the FASB issued ASU 2025‑01, which clarifies the effective date of ASU 2024‑03. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance; however, as the update is limited to expanded disclosures, it is not expected to have a material effect on the Company’s consolidated financial statements.
The Company has evaluated other recently issued accounting standards and determined that they are either not applicable or are not expected to have a material effect on its consolidated financial statements.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jun 18, 2026 | Showing above |
| 2025 | Jun 26, 2025 | |
| 2024 | Jun 21, 2024 | |
About New Standards Disclosures
New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.
Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.