CITIZENS FINANCIAL GROUP INCRI

For the period ended Dec 31, 2023. Filed Feb 16, 2024.

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FY2023 · Filed Feb 16, 2024

CFG$63.24-0.9%Stored close · as of Nov 6, 2026

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Contents

Accounting and Reporting Developments

Accounting standards issued but not adopted as of December 31, 2023

Pronouncement	Summary of Guidance	Effects on Financial Statements
Improvements to Reportable Segment DisclosuresIssued November 2023	•Requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”)•Requires disclosure of an amount for other segment items by reportable segment and a description of its composition•Requires disclosure of the title and position of the CODM	•Required effective date: January 1, 2024 for our annual disclosures and January 1, 2025 for our interim disclosures. Early adoption is permitted.•Adoption is not expected to have a material impact on our Consolidated Financial Statements, but is expected to have a meaningful impact on our required disclosures in the Business Operating Segments Note to the Consolidated Financial Statements.
Improvements to Income Tax DisclosuresIssued December 2023	•Requires an annual income tax rate reconciliation table that includes specific categories and other significant categories, disaggregated by nature, that exceed 5% of income tax expense at the statutory tax rate•Requires a qualitative description of the states and local jurisdictions that make up more than 50% of the effect of the state and local income tax category•Requires description of the nature, effect and underlying causes of the reconciling items and the judgment used in categorizing these items•Requires annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdictions that exceed 5% of total income taxes paid, net of refunds received•Requires disclosure of 1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and 2) income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign•Eliminates the requirement to disclose the nature and estimate of the change in unrecognized tax benefits expected in the next twelve months•Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures	•Required effective date: January 1, 2025 for our annual disclosures and January 1, 2026 for our interim disclosures. Early adoption is permitted.•Adoption is not expected to have a material impact on our Consolidated Financial Statements, but is expected to have a meaningful impact on our required disclosures in the Income Taxes Note to the Consolidated Financial Statements.
Accounting for and Disclosure of Crypto AssetsIssued December 2023	•Applies to assets that meet the definition of intangible assets, do not provide the asset holder with enforceable rights to goods, services or other assets, reside on a distributed ledger, are secured through cryptography, are fungible, and are not created or issued by the reporting entity or its related parties•Required to subsequently measure these assets at fair value•Required to present crypto assets measured at fair value separately from other intangible assets and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets	•Required effective date: January 1, 2025, with early adoption permitted.•Adoption is not expected to have an impact on our Consolidated Financial Statements.

Citizens Financial Group, Inc. | 63

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