Segment reporting highlights for technology companies
Important disclosure considerations
All public technology companies should be aware of the new disclosure requirements regarding segment reporting for the December 31, 2024 financial statements. The Financial Accounting Standards Board (FASB) amended, in November 2023, the US generally accepted accounting principles (GAAP) requirements for disclosing segment information, known as Topic 280, through Accounting Standards Update (ASU) 2023-07.
This publication is intended to be a reminder as you prepare the required disclosures. In this publication, we cover:
- A reminder on changes introduced by ASU 2023-07 and Securities and Exchange Commission (SEC) staff clarifications.
- Challenges faced by technology companies, including the SEC’s recent focus on segment reporting disclosures.
- What companies can still do to ensure successful implementation of changes.
In this paper, "Segment reporting highlights for technology companies," key considerations are outlined for technology companies as they finalize their segment reporting disclosures.
Dive into our thinking:
Segment reporting highlights for technology companies
Steps technology companies need to take on segment reporting.
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Resource
SEC staff clarifies segment reporting disclosures
SEC staff remarks on multiple segment performance measures and elaborates on single reportable segment entities.
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Handbook: Segment reporting
Latest edition: We explain the amendments (ASU 2023-07) to segment reporting in detail, providing examples and analysis.
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SEC’s Corp Fin explains its priorities and concerns
Questions about the new FASB segment reporting standard highlighted at the 2023 AICPA & CIMA Conference.
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FASB issues ASU requiring new segment disclosures
The ASU enhances current segment disclosures and requires additional disclosures of significant segment expenses.
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