JPMORGAN CHASE & CO
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
JPM$342.07-0.0%Stored close · as of Nov 10, 2026
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Accounting and Reporting Developments
| Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2021 | |||
|---|---|---|---|
| Standard | Summary of guidance | Effects on financial statements | |
| Reference RateReformIssued March2020 and updated January 2021 and December 2022 | •Provides optional expedients and exceptions to current accounting guidance when financial instruments, hedge accounting relationships, and other transactions are amended due to reference rate reform. | •Issued and effective March 12, 2020. The January 7, 2021 and December 21, 2022 updates were effective when issued. | |
| FASB Standards Adopted since January 1, 2023 | |||
| Standard | Summary of guidance | Effects on financial statements | |
| Derivatives and Hedging: Fair Value Hedging – Portfolio Layer MethodIssued March 2022 | •Expands the ability to hedge a portfolio of fixed-rate assets to allow more types of assets to be included in the portfolio, and to allow more of the portfolio to be hedged. •Clarifies the types of derivatives that can be used as hedges, and the balance sheet presentation and disclosure requirements for the hedge accounting adjustments.•Allows a one-time reclassification from HTM to AFS upon adoption. | •Adopted prospectively on January 1, 2023. •Refer to Note 1 for further information. | |
| Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 | •Eliminates existing accounting and disclosure requirements for Troubled Debt Restructurings, including the requirement to measure the allowance using a discounted cash flow methodology.•Requires disclosure of loan modifications for borrowers experiencing financial difficulty involving principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or a combination of these modifications.•Requires disclosure of current period loan charge-off information by origination year.•May be adopted prospectively, or by using a modified retrospective method wherein the effect of adoption is reflected as an adjustment to retained earnings at the effective date. | •Adopted under the modified retrospective method on January 1, 2023.•Refer to Note 1 for further information. | |
| FASB Standards Issued but not yet Adopted as of December 31, 2023 | ||
|---|---|---|
| Standard | Summary of guidance | Effects on financial statements |
| Investments - Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization MethodIssued March 2023 | •Expands the ability to elect proportional amortization for more types of tax-oriented investments (beyond low income housing tax credit investments) on a program-by-program basis.•May be adopted using a full retrospective method, or a modified retrospective method wherein the effect of adoption is reflected as an adjustment to retained earnings at the effective date. | •Adopted under the modified retrospective method on January 1, 2024, which resulted in a decrease to retained earnings of approximately $200 million. |
| Segment Reporting: Improvements to Reportable Segment DisclosuresIssued November 2023 | •Requires disclosure of significant segment expenses that are readily provided to the chief operating decision maker (“CODM”) and included in segment profit or loss.•Requires disclosure of the composition and aggregate amount of other segment items, which represent the difference between profit or loss and segment revenues less significant segment expenses.•Requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported segment measures in assessing segment performance and deciding how to allocate resources. | •Required effective date: Annual financial statements for the year ending December 31, 2024 and interim financial statements for the year ending December 31, 2025.(a)•The Firm is currently assessing the potential impact on its segment disclosures. |
| Income Taxes: Improvements to Income Tax DisclosuresIssued December 2023 | •Requires disclosure of income taxes paid disaggregated by 1) federal, state, and foreign taxes and 2) individual jurisdiction on the basis of a quantitative threshold of equal to or greater than 5 percent of total income taxes paid (net of refunds received).•Requires disclosure of the effective tax rate reconciliation by specific categories, at a minimum, with accompanying qualitative disclosures, and separate disclosure of reconciling items based on quantitative thresholds. •Requires categories within the effective tax rate reconciliation to be further disaggregated if quantitative thresholds are met. | •Required effective date: Annual financial statements for the year ending December 31, 2025.(a)•The guidance can be applied on a prospective basis with the option to apply the standard retrospectively.•The Firm is evaluating the potential impact on the Consolidated Financial Statements disclosures, as well as the Firm’s planned date of adoption. |
(a) Early adoption is permitted.
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