ASSURANT INC
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
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3. Recent Accounting Pronouncements
- Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Adopted
There were no ASUs adopted by the Company during the quarterly period ended March 31, 2025.
Not Yet Adopted
ASUs issued but not yet adopted as of March 31, 2025, that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are included below. ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures.
| Standard | Summary of the Standard | Effective dateMethod of Adoption | Impact of the Standard on the Company’s Financial Statements |
|---|---|---|---|
| ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures | The guidance improves the transparency of 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. It also includes certain other amendments to improve the effectiveness of income tax disclosures. | Annual periods starting December 31, 2025 | The Company is assessing the adoption of this standard as of December 31, 2025. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and insignificant impact on the Company’s income tax disclosures. |
| ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses | The guidance improves disclosures of specified information about certain costs and expenses for each interim and annual reporting period. The new disclosure requirements include:• Disclose the amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption.•Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. | December 31, 2027 and for interim periods thereafter | The Company is assessing the impact of adopting this standard as of December 31, 2027. The amended guidance is expected to have no impact on the Company’s consolidated financial statements and to expand the annual and interim disclosures of disaggregation of relevant expense captions in the Company’s consolidated statement of operations. |
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