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BASIS OF PRESENTATION | 12 Months Ended
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Dec. 31, 2022
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 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 | 97
Securities | 4 | 97
Loans and Leases | 5 | 101
Allowance for Credit Losses | 6 | 103
Premises, Equipment and Software | 7 | 116
Mortgage Servicing Rights | 8 | 117
Leases | 9 | 119
Goodwill and Intangible Assets | 10 | 120
Variable Interest Entities | 11 | 122
Derivative Instruments | 14 | 126
Employee Benefits | 15 | 129
Treasury Stock | 17 | 131
Employee Share-Based Compensation | 18 | 133
Fair Value Measurement | 20 | 135
Revenue Recognition | 21 | 142
Income Taxes | 23 | 144
Earnings Per Share | 24 | 147
Accounting Pronouncements Adopted in 2022
Pronouncement | Summary of Guidance | Effects on Financial Statements
Reference Rate Reform - Deferral of the Sunset Date December 2022 | •This standard was effective upon issuance. •Deferred the sunset date of the temporary relief provided by ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting from December 31, 2022 to December 31, 2024. | •The Company adopted this standard upon issuance. •Adoption did not have a material impact on the Company’s Consolidated Financial Statements.

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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 https://asc.fasb.org/topic&trid=2122369 + Details
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