Axos Financial, Inc.AX

Axos Financial, Inc. New Standards Disclosure

10-KFiled Aug 21, 20252 min read
New Accounting Standards
Recently Adopted Accounting Standards
During the fiscal year ended June 30, 2025, the Company adopted Accounting Standards Update (“ASU”) 2023-07, which expanded business segment disclosure requirements, including requiring additional disclosures about significant business segment expenses. The ASU also added requirements to define the position and title of the Chief Operating Decision Maker (“CODM”), and how the CODM uses the reported measure(s) of business segment profit or loss in assessing segment performance and resource allocation. The Company applied this ASU retrospectively to periods presented in the Consolidated Financial Statements. There was no impact on the Company’s financial condition or results of operation upon adoption. See Note 22—“Segment Reporting” for the Company’s business segment disclosures.
Accounting Standards Issued But Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, which requires further granularity on the disclosure of income taxes, including:
•Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;
•Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and
•Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.
This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.
In November 2024, the FASB issued ASU 2024-03, which requires disaggregation of operating expenses by relevant expense caption on the statement of income into prescribed categories, including employee compensation, depreciation and intangible asset amortization. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.

Historical Timeline

Fiscal YearFiled
2025Aug 21, 2025Showing above
2024Aug 22, 2024
2023Aug 29, 2023
2022Sep 8, 2022
2021Aug 26, 2021
2020Aug 26, 2020
2019Aug 28, 2019
2018Aug 23, 2018
2017Aug 24, 2017
2016Aug 25, 2016

About New Standards Disclosures

New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.

Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationPay vs Performance