16 ASC 280 SEGMENT REPORTING
PERSPECTIVE AND ISSUES
ASC 280, Segment Reporting, has one subtopic:
- ASC 280-10, Overall, that provides guidance to public business entities on how to report certain information about
- Operating segments in complete sets of financial statements and in
- Condensed financial statements of interim periods issued to shareholders.
ASC 280 also requires public entities to disclose certain information about:
- Their products and services,
- The geographic areas in which they operate, and
- Their major customers.
With many companies organized as conglomerates, the presentation of basic consolidated financial statements on an aggregated basis does not provide users with sufficient information for decision-making purposes. The objective of segment reporting, as set forth in ASC 280-10-1 is to
. . . Provide information about the different ...