The objective of ASC 280, Segment Reporting, is to provide information about the different types of business activities in which a reporting entity engages and the different economic environments in which it operates. This information is intended to help users of the financial statements (1) better understand the reporting entity’s performance, (2) better assess its prospects for future net cash flows, and (3) make more informed judgments about the reporting entity as a whole.
This chapter outlines the application of ASC 280 and includes relevant examples and practical insights.
Note about ongoing standard setting
The FASB has an active project related to segment disclosure requirements. Financial statement preparers and other users of this publication are therefore encouraged to monitor the status of the project, and if finalized, evaluate the effective date of the new guidance and the implications on disclosure.
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