Accounting standard newly cited
Filing comparison
INDEPENDENT BANK CORP /MI/ cited accounting standard ASU 2025-08 for the first time in this filing series
Under ASU 2025-08, Purchased Loans, which we adopted upon issuance of the ASU in 2025, acquired loans that were not PCD and were eligible under the guidance were classified as purchased seasoned loans (“PSL”).
Evidence
- Adopted
- 2025-08
- Contexts
- Under ASU 2025-08, Purchased Loans, which we adopted upon issuance of the ASU in 2025, acquired loans that were not PCD and were eligible under the guidance were classified as purchased seasoned loans (“PSL”).
- New standards
- 2025-08
- Prior filed
- 2026-08-05
- Prior form
- 10-Q
- Restates existing policy
- No
- Source
- accounting standards update (ASU) reference comparison
- Why
- An accounting standard (ASU) appears in this filing that did not appear in the previous comparable one, in a sentence describing it as adopted. That is a change in what the company discloses, which is not always a change of policy in the current period: the filing may state an adoption date years earlier.