AXIS CAPITAL HOLDINGS LTDAXS
AXIS CAPITAL HOLDINGS LTD New Standards Disclosure
New Accounting Standards Adopted in 2025
Improvements to Income Tax Disclosures
Effective October 1, 2025 the Company adopted Accounting Standards Update ("ASU" or "Update") ASU 2023-09 "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures" which aims to provide more transparency and comparability of income taxes disclosures by jurisdiction.
The amendments applicable to the Company primarily relate to the effective tax rate reconciliation and the requirement to provide a more detailed reconciliation of income tax expense by comparing reported income tax expense to the amount calculated using the statutory tax rate of the entity’s country of domicile. The amendments also introduce enhanced disaggregation requirements including separate disclosure of specified categories that meet a quantitative threshold.
In addition, the amendments required the Company to disclose income taxes paid (net of refunds received) disaggregated between federal and state taxes in the Company’s country of domicile and foreign income taxes paid disaggregated by individual jurisdictions when the amount paid (net of refunds received) in a jurisdiction is equal to or greater than 5 percent of total income taxes paid (net of refunds received) (refer to Note 20 'Income Taxes').
The adoption of this guidance did not impact the Company's results of operations, financial condition, or liquidity.
n) Recently Issued Accounting Standards Not Yet Adopted
Disaggregation of Income Statement Expenses
On November 4, 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expense" which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements.
The amendments require public business entities to disclose disaggregated information about specific natural expense categories underlying certain income statement expense line items that are considered "relevant" (referred to as "relevant expense captions") because they include one or more of the five natural expense categories. Such disclosures must be made on an annual and interim basis in a tabular format in the footnotes to the financial statements. The ASU requires entities to disaggregate any relevant expense caption presented on the face of the income statement within continuing operations into applicable natural expense categories including (1) employee compensation (2) depreciation and (3) intangible asset amortization.
The guidance is effective for fiscal years beginning after December 15, 2026 and for interim periods, effective within fiscal years beginning after December 15, 2027. As this Update relates solely to financial statement disclosures its adoption will not impact the Company's results of operations, financial condition, or liquidity.
Targeted Improvements to the Accounting for Internal-Use Software
In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software".
The amendments in this Update remove all references to prescriptive and sequential software development stages (referred to as "project stages") throughout Subtopic 350-40. An entity will be required to start capitalizing software costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold") have occurred.
This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted at the beginning of an annual reporting period. The amendments in this Update can be applied on a prospective, modified or a retrospective transition approach. The Company does not expect the adoption of this guidance to have a material impact on its results of operations, financial condition, or liquidity.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2015 | Feb 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.