Company: FOACW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001828937-25-000061
Chunk: 51

Company: Finance of America Companies Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 1
Chunk 51
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 financial statements.

Recently Issued Accounting Guidance, Not Yet Adopted as of June 30, 2025StandardDescriptionDate of Planned AdoptionEffect on Consolidated Financial StatementsASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesIn November 2024, the FASB issued ASU 2024-03 which is intended to improve disclosures by providing more detailed information about the types of expenses in commonly presented expense captions in the income statement.For the year ending December 31, 2027 and interim periods beginning in 2028.This ASU will result in additional expense disclosures, but the Company does not expect it will have a material impact on our consolidated financial statements. Adoption of this ASU should be applied on a prospective basis, but retrospective application is permitted.ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt InstrumentsIn November 2024, the FASB issued ASU 2024-04 which is intended to clarify the requirements for determining whether to account for certain early settlements of convertible debt instruments as induced conversions or extinguishments. For the year ending December 31, 2026 and interim reporting periods beginning in 2026.The Company does not expect this ASU will have a material impact on our consolidated financial statements.Adoption of this ASU can be applied on a prospective or a retrospective basis. ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract AssetsIn July 2025, the FASB issued ASU 2025-05 which is intended to provide a practical expedient to measure credit losses on accounts receivable and contract assets. For the year ending December 31, 2026 and interim reporting periods beginning in 2026.The Company does not expect this ASU will have a material impact on our consolidated financial statements.Adoption of this ASU should be applied on a prospective basis.

3.    Discontinued OperationsDuring the fourth quarter of 2022 and calendar year 2023, the Company entered into a series of transactions, discontinuing certain business lines while enhancing our reverse mortgage loan business, in order to transform our business from a vertically integrated lending and complementary services platform to a unified modern retirement solutions platform. This constituted a strategic shift that has had or will have a major