Published: January, 2022
Think segment reporting is just about disclosure?
In this CPE webinar, we go back to the basics to discuss the broader impact it can have on your financial statements.
Segment reporting is the reporting of the operating segments of a company in the disclosures accompanying its financial statements.
In financial reporting, a segment is a part of the business that has separate financial information and a separate management strategy. Segments may be geographic, line of business, or departmental. Public companies are required to report by segment in the notes of financial statements.
The Financial Accounting Standards Board (FASB) sets the accounting standards for business segment reporting. FASB Accounting Standards Codification (ASC) 280-10-10-1 requires that all segments of a company's business align with the company's reporting structure. A company does not need to report all of its business segments, however.
According to U.S. Generally Accepted Accounting Principles (GAAP), public companies must report a segment if it accounts for 10% of total revenues, 10% of total profits, or 10% of total assets. International standards differ somewhat.
This CPE course will be an overview of:
This CPE webinar also provides information on disclosure requirements as well as illustrative examples of segment disclosures for companies in different industries.
Advisor Kelen Camehl CPA
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.