Fifth Third(FITB) - 2023 Q2 - Quarterly Report

Fifth Third Bancorp and Subsidiaries Notes to Condensed Consolidated Financial Statements (unaudited) 3. Accounting and Reporting Developments Standards Adopted in 2023 The Bancorp adopted the following new accounting standards during the six months ended June 30, 2023: ASU 2022-01 – Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method In March 2022, the FASB issued ASU 2022-01, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfol ...