FIRST INDUSTRIAL REALTY TRUST INCFR

FIRST INDUSTRIAL REALTY TRUST INC New Standards Disclosure

10-KFiled Feb 11, 20261 min read
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, including further disaggregation of federal and state income taxes paid by jurisdiction. ASU 2023-09 is effective for the year ended December 31, 2025. We adopted ASU 2023-09 for the year ended December 31, 2025. The adoption did not have a material impact on our Consolidated Financial Statements. The additional required disclosures related to ASU 2023-09 are included in Note 9.
In November 2024, the FASB issued ASU 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03 requires enhanced disclosures regarding income statement expenses, including disaggregation of significant categories such as depreciation and amortization of real estate assets, property operating expenses and employee compensation, within relevant expense captions presented in the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. We are currently evaluating ASU 2024-03 to determine its impact on our financial statement disclosures.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 14, 2025
2023Feb 14, 2024
2022Feb 16, 2023
2021Feb 18, 2022
2020Feb 16, 2021
2019Feb 13, 2020
2018Feb 20, 2019
2017Feb 26, 2018
2016Feb 24, 2017
2015Feb 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 ShareLeasesDebtCommitmentsStock Compensation