Podcast Overview
KPMG professionals discuss the recently proposed segment reporting standards update from the FASB. The changes would enhance disclosures in annual and interim reporting, and require public companies to disclose significant segment expenses.
Applicability
Public entities (as defined by ASC 280) and other entities that report segment information under ASC 280.
Relevant dates
- FASB issued proposed ASU: October 6, 2022
- Comments due: December 20, 2022
Key impacts
The proposed ASU would enhance segment reporting under ASC 280 by expanding the breadth and frequency of segment disclosures.
Report contents
- 00:50 - History of segment reporting
- 03:40 - Significant expenses
- 04:35 - 'Easily computable' expenses
- 05:45 - Interpreting the term 'significant'
- 06:20 - Other general categories
- 09:35 - Proposed transition
Explore more
Resource
FASB issues ASU requiring new segment disclosures
The ASU enhances current segment disclosures and requires additional disclosures of significant segment expenses.
Resource
Handbook: Segment reporting
Latest edition: Our comprehensive guide to ASC 280 – with analysis, Q&As and examples.
FASB Projects
As part of its due process, the FASB issues exposure drafts, discussion papers and other project documents for stakeholder review and input
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