Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 158

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part II, Item 2
Chunk 158
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2.  Impact of New Accounting Standards and Interpretations     

The following accounting standards or rules have been issued but as of December 31, 2024, were not effective and have not been adopted by TVA:Improvements to Reportable Segment DisclosuresDescriptionThis guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.  The amendment requires a public entity to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss.  It also requires a public entity that has a single reportable segment to provide all of the disclosures required by the amendment and all existing segment disclosures.  The amendment is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024.  Upon adoption, a public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Effective Date for TVAAnnual disclosures to be adopted for the fiscal year ending September 30, 2025 and interim period disclosures to be adopted beginning October 1, 2025.Effect on the Financial Statements or Other Significant MattersThe adoption of this standard will result in TVA including the additional required disclosures, and TVA does not expect an impact on its financial condition, results of operations, or cash flows.   Enhancement and Standardization of Climate-Related Disclosures for InvestorsDescriptionIn March 2024, the SEC adopted its climate-related final rule (SEC Release No. 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors), and in April 2024, the SEC voluntarily stayed the new rule as a result of pending legal challenges.  The new rule, if implemented as adopted, will require registrants to provide certain climate-related information in their annual reports and registration statements and will also require the dollar impact of severe weather events and other natural conditions, as well as amounts related to carbon offsets and renewable energy credits or certificates, to be disclosed in the audited financial statements in certain circumstances.  The disclosure requirements are currently expected to begin phasing in for fiscal years beginning on or after January 1, 2027 for non-accelerated filers. Effective Date for TVAFiscal year beginning October 1, 2027.Effect on the Financial Statements or Other Significant MattersTVA is currently evaluating the impact of the rule on its disclosures.  Dis