Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 31

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 31
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(r)New Accounting Standards

Recently Adopted Accounting GuidanceStandardDescriptionDate of AdoptionEffect on Consolidated Financial StatementsASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization MethodThe amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received.January 1, 2024The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows.ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThe amendments in this Update require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss.  This Update also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss.  Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods.  December 31, 2024Farmer Mac adopted this ASU for the year-end December 31, 2024, and applied it retrospectively to all prior periods presented.  See note 14 to the consolidated financial statements.

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Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial StatementsStandardDescriptionEffect on Consolidated Financial StatementsASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.  Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold.  ASU 2023-09 is effective for annual periods beginning after December 15, 2024.  The amendments should be applied on a prospective basis.  Early adoption is permitted.Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.A