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Overview ASC notes the following: This Subtopic provides guidance to public business entities referred to as public entities throughout this Subtopic on how to report certain information about operating segments in complete sets of financial statements of the public entity and in condensed financial statements of interim periods Segment reporting to shareholders.
It also requires that public entities report certain information about their products and services, the geographic areas in which they operate, and their major customers.
A public entity could provide complete sets of financial statements that are disaggregated in several different ways, for example, by products and services, by geography, by legal entity, or by type of customer.
However, it is not feasible to provide all of that information in every set of financial statements. The guidance in this Subtopic requires that general-purpose financial statements include selected information reported on a single basis of segmentation. The method for determining what information to report is referred to as the management approach.
The management approach is based on the way that management organizes the segments within the public entity for making operating decisions and assessing performance. Consequently, the segments are evident from the structure of the public entity's internal organization, and financial statement preparers should be able to provide the required information in a cost-effective and timely manner.
The management approach facilitates consistent descriptions of a public entity in its annual report and various other published information. It focuses on financial information that a public entity's decision makers use to make decisions about the public entity's operating matters.
The components that management establishes for that purpose are called operating segments. To provide some comparability between public entities, this Subtopic requires that an entity report certain information about the revenues that it derives from each of its products and services or groups of similar products and services and about the countries in which it earns revenues and holds assets, regardless of how the entity is organized.
As a consequence, some entities are likely to be required to provide limited information that may not be used for making operating decisions and assessing performance.Introduction Segment reporting is the disaggregation of a reporting entity’s financial reports into segments.
This paper investigates whether segment reporting is worthwhile and whether the requirements of the new segment-reporting standard (IFRS 8) have had an impact on the way companies disclose segment information. Segment reporting guide is designed to help preparers navigate the complexities involved in identifying and reporting segments under ASC Download to know more.
Segment reporting Segments are identified on the basis of the Volkswagen Group’s internal management and reporting. In line with the Group’s multibrand strategy, each of its brands (operating segments) is managed by its own board of management.
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Check your understanding of segment reporting tools by using the quiz and corresponding worksheet. Both tools can be utilized with various forms of. Segment reporting continues to be an important element of financial reporting for public companies.
While the requirements of ASC , Segment Reporting, have been effective for several years, segment disclosures continue to be a frequent area of emphasis in SEC staff comment letters. In .