FASB ASC 280 - Segment Reporting

FASB ASC Guide > FASB ASC 280

The Financial Accounting Standards Board (FASB) released the 200 section of the Accounting Standards Codification for the purpose of discussing the braod topic of Presentation. Accounting Standards Codification 280 (ASC 280) was released to address the more specific topic of how businesses with multiple segments should report these.

The guidance defines operating segments as separate revenue producing components of a business, that have separate financial information produced internally which is reviewed regularly by the reporting entity. This can be segregated based on information such as the type of product/service provided, geography, customer, or legal entity. Each of these segments must report its profit/loss and information on segments.

Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!

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