| RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of accounting standards adopted in 2024 and those that could have a material impact to Regions’ consolidated financial statements upon adoption in the future. | | | | | | | | | | | | | Standard | Description | Required Date of Adoption | Effect on Regions' financial statements or other significant matters | Standards Adopted (or partially adopted) in 2024 | | | | | | | | | ASU 2023-02, Investments —Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures
Using the Proportional Amortization Method | This Update allows entities to elect to account for equity investments made primarily for the purpose of receiving income tax credits using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, if certain conditions were met.
The Update also sets forth the conditions needed to apply the proportional amortization method.
The Update further eliminates certain low income housing tax credit-specific guidance to align the accounting more closely for low income housing tax credits with the accounting for other equity investments in tax credit structures and require that the delayed equity contribution apply only to tax equity investments accounted for using the proportional amortization method. | January 1, 2024 | Regions adopted this guidance as of January 1, 2024 with
no material impact. See Note 1 Basis of Presentation for additional information. | | ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | The Update requires entities to provide disclosure of significant segment expenses, as defined within the standard, and requires that entities disclose other segment items by reportable segment. These disclosures are required to be made on an annual and interim basis. | January 1, 2024 | Regions adopted this guidance as of January 1, 2024 with
no material impact. |
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