CITIZENS FINANCIAL GROUP INCRI

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 13, 2025

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, 2024

Pronouncement	Summary of Guidance	Effects on 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: Annual financial statements for the year ending December 31, 2025. Early adoption is permitted.•Adoption is expected to have a meaningful impact on our required income tax disclosures in the Consolidated Financial Statements.
Disaggregation of Income Statement Expenses Issued November 2024	•Requires tabular disclosure of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities•Within the same tabular disclosure, include certain expenses, gains, and losses that are already required to be disclosed•Requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively•Requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses	•Required effective date: Annual financial statements for the year ending December 31, 2027, and interim reporting periods thereafter. Early adoption is permitted.•We are currently evaluating the impact of this standard on our required expense disclosures in the Consolidated Financial Statements.

Citizens Financial Group, Inc. | 65

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