October 2014
Intermediate to advanced
1512 pages
57h 40m
English
book
Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
by Joanne M. Flood
Content preview from Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
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Chapter 16ASC 280 SEGMENT REPORTING
Restatement of Previously Reported Segment Information
PERSPECTIVE AND ISSUES
Subtopic
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.
Overview
Benefits. 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 types of business activities in which an enterprise engages and the different economic environments in which it operates to help users of financial statements:
- Better understand the enterprise's performance
- Better assess its prospects for future net cash flows
- Make more informed ...
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