California Resources CorpCRC

California Resources Corp New Standards Disclosure

10-KFiled Mar 3, 20251 min read
Recently Adopted Accounting and Disclosure Changes

In November 2023, the Financial Accounting Standards Board’s (FASB) issued improvements to the segment disclosure requirements primarily to enhance disclosure of significant segment expenses. The new disclosure requirements are applied retrospectively to all prior periods included in the financial statements. We adopted these new rules for the year ended December 31, 2024 adding Note 16 Segment Information.

In December 2023, the FASB issued improvements to the disclosure requirements for Income Taxes (ASC 740). The new disclosure requirements are to be applied on a prospective basis, but a retrospective application is permitted. We early adopted these rules for the year ended December 31, 2024, retrospectively presenting our income tax disclosures, as shown in Note 8 Income Taxes.

Recently Issued but not Adopted Accounting and Disclosure Changes

In November 2024, the FASB issued new disclosure requirements to enhance disclosure of certain costs and expenses. These new expense disclosures will apply to us. The rules are effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, early adoption is permitted. We expect that the adoption of these rules will only impact our disclosures and have no impact to our results of operations, cash flows and financial condition.
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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 SharePP&ELeasesSegmentsCommitmentsStock Compensation