PRUDENTIAL FINANCIAL INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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Sep 30, 2024 · Filed Oct 31, 2024
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2. Significant Accounting Policies and Pronouncements
- SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
Recent Accounting Pronouncements
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of September 30, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.
ASUs issued but not yet adopted as of September 30, 2024
| Standard | Description | Effective date and methodof adoption | Effect on the financial statements or other significant matters |
|---|---|---|---|
| ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures | This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid. | Effective for fiscal years beginning after December 15, 2024 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. | The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
| ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. | Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method. | The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements. |
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