CAPITAL ONE FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
COF$198.58-1.6%Stored close · as of Nov 9, 2026
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Accounting Changes and Developments
Accounting Standards Issued but Not Adopted as of December 31, 2023
| Standard | Guidance | Adoption Timing and Financial Statement Impacts |
|---|---|---|
| Income Tax DisclosuresAccounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresIssued December 2023 | Requires entities to provide additional information in the income tax rate reconciliation and make additional disclosures about income taxes paid. | Effective January 1, 2025, with early adoption permitted, using either the prospective or retrospective transition method.We plan to adopt this standard on its effective date using a prospective transition method. We expect such adoption to result in additional information being included in our income tax footnote and consolidated statements of cash flows. |
| Segment Reporting DisclosuresASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresIssued November 2023 | Requires disclosure of incremental segment information on an annual and interim basis. | Effective for annual periods ending December 31, 2024 and interim periods within fiscal years beginning January 1, 2025, with early adoption permitted, using a retrospective transition method.We plan to adopt this standard on its effective date using a retrospective transition method. Such adoption may result in additional information being included in our business segment footnote. |
| Tax Credit InvestmentsASU No. 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 entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method, if certain criteria are met. Previously, only Low-Income Housing Tax Credit investments were eligible for application of the proportional amortization method. | This standard became effective on January 1, 2024.We adopted this guidance in the first quarter of 2024 using a modified retrospective method. Adoption of this standard will not have a material impact on our consolidated financial statements. |
See “Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” for information on the accounting standards we adopted in 2023.
| 77 | Capital One Financial Corporation (COF) |
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