Recently Issued Accounting Pronouncements
In December 2025, the FASB issued ASU 2025-12, Codification Improvements ("ASU 2025-12"). ASU 2025-12 refines existing guidance to further enhance the interpretation and application of the Codification. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods and is applied prospectively and may be applied retrospectively. The Company is currently evaluating the impact of ASU 2025-12.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). ASU 2025-11 provides a clearer framework and more consistent application of interim disclosure requirements for public business entities. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 and is applied prospectively and may be applied retrospectively. The Company is currently evaluating the impact of ASU 2025-11.
In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans ("ASU 2025-08"). ASU 2025-08 amends the guidance in ASC 326 on the accounting for certain purchased loans and requires entities to account for acquired loans that meet certain criteria at acquisition by recognizing them at their purchase price plus an allowance for expected credit losses. This standard is effective for annual periods beginning after December 15, 2026. ASU 2025-08 is to be adopted prospectively. The Company is currently evaluating the impact of ASU 2025-08.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 intends to enhance disclosures about a public business entity’s expenses and requires more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. This standard is effective for the Company beginning with its 2027 annual reporting. ASU 2024-03 is to be adopted prospectively. The Company is currently evaluating the impact of ASU 2024-03.
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.