PEOPLES BANCORP OF NORTH CAROLINA INC New Standards Disclosure
The following table provide a summary of Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that the Company has recently adopted.
ASU | Description | Effective Date | Effect on Financial Statements or Other Significant Matters |
ASU 2023-09 Income Taxes (Topic 740) | The ASU provides amendments to improve the transparency of income tax disclosures. | Annual reporting periods after December 15, 2024. | The adoption of this guidance did not have a material impact on the Company’s results of operations or financial position. The adoption of this guidance had an immaterial impact on disclosures. This guidance allows prospective and retrospective methods of adoption. The Company utilized the retrospective method. |
The following table provides a summary of ASU’s issued by FASB that the Company has not adopted as of December 31, 2025, which may impact the Company’s financial statements.
ASU | Description | Effective Date | Effect on Financial Statements or Other Significant Matters |
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) | The ASU requires disaggregated disclosure of income statement expenses for public business entities (PBEs). | Annual reporting periods after December 15, 2026. | The adoption of this guidance is not expected to have a material impact on the Company’s results of operations or financial position. The adoption of this guidance is expected to have an immaterial impact on disclosures. |
ASU 2025-01, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220- 40) | The ASU clarifies that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. | Annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. | The adoption of this guidance is not expected to have a material impact on the Company’s results of operations or financial position. The adoption of this guidance is expected to have an immaterial impact on disclosures. |
Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies are not expected to have a material impact on the Company’s results of operations, financial position or disclosures.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 11, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 17, 2023 | |
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.