CNS AR24 Digital - Book - Page 71
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company
for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers
Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia
Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG)
(collectively, the Company).
The Company is a global investment manager specializing in real assets and alternative income, including listed and
private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions.
Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and
Singapore.
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (GAAP). The consolidated financial statements set forth herein include the accounts of CNS
and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The
preparation of the consolidated financial statements requires management to make certain estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the
consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual
results could differ from those estimates.
2. Summary of Significant Accounting Policies
Recently Adopted Accounting Pronouncements4In June 2022, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update 2022-03 (ASU), Fair Value Measurement (Topic 820): Fair Value Measurement of
Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies that contractual sale restrictions are not
considered in measuring the fair value of equity securities, which would be a change in practice for certain entities. The ASU
also indicates that a contractual sale restriction is not a separate unit of account, and requires new disclosures for all entities
with equity securities subject to a contractual sale restriction. This new guidance became effective on January 1, 2024. The
Company's adoption of this new standard did not have an impact on the Company's consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures. The standard requires enhanced disclosure of reportable segments and additional information about a
segment9s expenses. This new guidance became effective on January 1, 2024. The Company's adoption of this standard did
not have a material impact on the Company's consolidated financial statements. Refer to Note 18 for further discussion.
New Accounting Pronouncements Not Yet Implemented4In December 2023, the FASB issued ASU 2023-09, Income
Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a
reporting entity9s effective tax rate reconciliation as well as additional information on income taxes paid. The standard is
intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital
allocation decisions. This new guidance became effective on January 1, 2025. The Company does not expect that the
adoption of this new standard will have a material effect on the Company's consolidated financial statements and related
disclosures.
In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of
Profits Interest and Similar Awards. The standard clarifies how an entity determines whether a profits interest or similar
award is (1) within the scope of Topic 718 or (2) not a share-based payment arrangement and therefore within the scope of
other guidance. The guidance in ASU 2024-01 applies to all entities that issue profits interest awards as compensation to
employees or nonemployees in exchange for goods or services. This new guidance became effective on January 1, 2025. The
Company does not expect that the adoption of this new standard will have a material effect on the Company's consolidated
financial statements and related disclosures.
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