FASB Issues Final Standard on Improvements to Reportable Segment Disclosures
Published on:
Dec 20, 2023
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This Heads Up has been updated to reflect discussion from the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments (the “AICPA Conference”).1 Specifically, the SEC indicated that when a single reportable segment entity is managed on a consolidated basis, the entity would be expected to conclude that consolidated net income is the measure of segment profit or loss that is most consistent with U.S. GAAP. Further, the SEC encouraged registrants that choose to early adopt ASU 2023-07, and that include an additional measure or measures of segment profit or loss that are not determined in accordance with GAAP, to reach out to the SEC to discuss their plans.
