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NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2022
Basis of Presentation and Significant Accounting Policies [Abstract]  
Accounting Standards Update and Change in Accounting Principle [Table Text Block]

Standard

Description

Effective Date

Effect on the financial statements

ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”

In March 2022, the FASB issued ASU 2022-02 which eliminates the troubled debt restructurings (“TDRs”) recognition and measurement guidance, enhances disclosure requirements for loan restructurings by creditors made to borrowers experiencing financial difficulty for which the terms of the receivables have been modified, and amends the guidance on vintage disclosures to require disclosure of gross write-offs by year of origination.

January 1, 2023, unless early adopted in which case the amendments should be applied as of the beginning of the fiscal year that includes the interim period

The Corporation is evaluating the impact that this ASU will have on its financial statements and disclosures. The Corporation expects to adopt the amendments of this update during the first quarter of 2023 using a modified retrospective transition method to adjust the ACL for loans modified as a TDR prior to the adoption of these amendments.

 

 

 

 

ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method”

In March 2022, the FASB issued ASU 2022-01 which, among others, expands the current last-of-layer method to allow multiple hedged layers and the scope of the portfolio layer method to non-prepayable financial assets.

January 1, 2023, unless early adopted in which case the amendments should be applied as of the beginning of the fiscal year that includes the interim period

The Corporation does not expect to be impacted by the amendments of this update since it does not apply fair value hedge accounting to any of its derivatives.