PEOPLES BANCORP OF NORTH CAROLINA INC
For the period ended Dec 31, 2025. Filed Mar 11, 2026.
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FY2025 · Filed Mar 11, 2026
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EX-13 · Recent Accounting Pronouncements
Recent Accounting Pronouncements
The following table provide a summary of Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”) that the Company has recently adopted.
| ASU | Description | Effective Date | Effect on Financial Statements or Other Significant Matters |
|---|---|---|---|
| ASU 2023-09 Income Taxes (Topic 740) | The ASU provides amendments to improve the transparency of income tax disclosures. | Annual reporting periods after December 15, 2024. | The adoption of this guidance did not have a material impact on the Company’s results of operations or financial position. The adoption of this guidance had an immaterial impact on disclosures. This guidance allows prospective and retrospective methods of adoption. The Company utilized the retrospective method. |
A-36
The following table provides a summary of ASU’s issued by FASB that the Company has not adopted as of December 31, 2025, which may impact the Company’s financial statements.
| ASU | Description | Effective Date | Effect on Financial Statements or Other Significant Matters |
|---|---|---|---|
| ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) | The ASU requires disaggregated disclosure of income statement expenses for public business entities (PBEs). | Annual reporting periods after December 15, 2026. | The adoption of this guidance is not expected to have a material impact on the Company’s results of operations or financial position. The adoption of this guidance is expected to have an immaterial impact on disclosures. |
| ASU 2025-01, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220- 40) | The ASU clarifies that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. | Annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. | The adoption of this guidance is not expected to have a material impact on the Company’s results of operations or financial position. The adoption of this guidance is expected to have an immaterial impact on disclosures. |
Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies are not expected to have a material impact on the Company’s results of operations, financial position or disclosures.
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