Quarterly report pursuant to Section 13 or 15(d)

ACCOUNTING STANDARDS UPDATE

v3.23.1
ACCOUNTING STANDARDS UPDATE
 3 Months Ended
Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
ACCOUNTING STANDARDS UPDATE ACCOUNTING STANDARDS UPDATE
Accounting standards adopted in the current period
Standard Summary of guidance Effects on financial Statements
ASU 2022-02- Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022
•The amendments in this update eliminate TDR accounting while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period gross charge-offs by year of origination for financing receivables and net investments in leases.
•Management adopted the guidance during the first quarter 2023.
•The ASU has been applied prospectively, except the portion of the standard related to the recognition and measurement of TDRs where we elected to use a modified retrospective transition method.
•The adoption did not result in a material impact on Huntington’s Unaudited Consolidated Financial Statements.

Accounting standards yet to be adopted
Standard Summary of guidance Effects on financial statements
ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued: March 2023
•Permits the election of the proportional amortization method for any tax equity investment that meets specific criteria.
•Requires that the election be made on a tax-credit-program-by-tax-credit-program basis.
•Receipt of tax credits must be accounted for using the flow through method.
•Required that a liability be recorded for delayed equity contributions.
•Expands disclosure requirements for the nature of investments and financial statement effect.
•Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years.
•Early adoption is permitted in any interim period.
•If adopted in an interim period, it shall be adopted as if adopted at the beginning of the fiscal year.
•The amendments can be applied in retrospective or modified retrospective basis, with a cumulative effect adjustment reflected in retained earnings.
•Huntington is currently evaluating the impact of the standard on its Unaudited Consolidated Financial Statements.