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BASIS OF PRESENTATION | 12 Months Ended
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Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION The accounting and reporting policies of Citizens Financial Group, Inc. conform to GAAP. The Company’s principal business activity is banking, conducted through its banking subsidiary CBNA. The Company also provides M&A, capital raising and other financial advisory services to middle market companies across a focused set of industry verticals through its broker-dealers. The Consolidated Financial Statements include the accounts of Citizens and subsidiaries in which Citizens has a controlling financial interest. All intercompany transactions and balances have been eliminated. The Company has evaluated its unconsolidated entities and does not believe that any entity in which it has an interest, but does not currently consolidate, meets the requirements to be consolidated as a variable interest entity. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the ACL. Significant Accounting Policies The following table identifies the Company’s significant accounting policies and the Note and Page where a detailed description of each policy can be found.
| Note | Page
Cash and Due From Banks | 3 | 92
Securities | 4 | 92
Loans and Leases | 5 | 96
Allowance for Credit Losses | 6 | 98
Premises, Equipment and Software | 7 | 112
Mortgage Servicing Rights | 8 | 113
Leases | 9 | 115
Goodwill and Intangible Assets | 10 | 116
Variable Interest Entities | 11 | 118
Derivative Instruments | 14 | 122
Employee Benefits | 15 | 125
Treasury Stock | 17 | 128
Employee Share-Based Compensation | 18 | 130
Fair Value Measurement | 20 | 133
Revenue Recognition | 21 | 140
Income Taxes | 23 | 142
Earnings Per Share | 24 | 145

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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