Company: FOACW
Filing Date: 2025-05-23
Form Type: 10-Q/A
Source: 0001828937-25-000044
Chunk: 23

Company: Finance of America Companies Inc.
Filing Date: 2025-05-23
Form: 10-Q/A
Chunk 23
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 segment’s profit or loss in assessing segment performance and deciding how to allocate resources.                                                                                                                                  |     | The Company will adopt ASU 2023-07 beginning with our annual reporting period ending December 31, 2024 and interim periods beginning in 2025.                                                                                     |     | This ASU will result in additional disclosures related to each reportable segment, but will not have a material impact on our consolidated financial statements.    
 We will apply the additional disclosures retrospectively to all prior periods presented.                                                                            |
| ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures                                              |     | In December 2023, the FASB issued ASU 2023-09 that enhances income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, and by requiring disclosure of the amount of income taxes paid disaggregated by federal, state, and foreign taxes, as well as disaggregated by material individual jurisdictions. |     | We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU for the year ending December 31, 2025.                                       |     | This ASU will result in additional income tax 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. Early adoption is permitted.                             |
| ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)      |     | In 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.                                                                                                                                                     |     | We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU 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. Early adoption is permitted.                             |

3. Acquisitions

Asset Acquisition

On March 31, 2023, the Company completed the acquisition