RECENT ACCOUNTING STANDARDS UPDATES ("ASU")

3 Months Ended

Mar. 31, 2026

RECENT ACCOUNTING STANDARDS UPDATES ("ASU")

RECENT ACCOUNTING STANDARDS UPDATES ("ASU")

NOTE 2 ― RECENT ACCOUNTING STANDARDS UPDATES (“ASU”)

Adopted ASUs:

In 2025, the Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 required enhanced income tax disclosures related to the rate reconciliation and information related to income taxes paid. This ASU was issued to enhance transparency and decision usefulness of income tax disclosures. The standard required: (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid, net of refunds received, disaggregated by jurisdiction based on an established

threshold. The Company adopted the provisions of the ASU prospectively, being applied only to transactions for the

fiscal year ended December 31, 2025 and beyond. This ASU did not have a material impact on the Corporation’s

consolidated financial statements.

Pending ASUs:

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The amendments in this update are effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on the Company’s financial statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting

Improvements. This ASU amends certain aspects of the hedge accounting guidance to better reflect an entity’s risk

management activities. The amendments in this update are effective for public business entities for annual and interim

reporting periods beginning after December 15, 2026. The Company is currently evaluating the impact that the new

guidance will have on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope

Improvements. This ASU clarifies the current interim disclosure requirements under US GAAP and incorporates a

disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an

entity has occurred since the previous year-end. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.