• Register
Return to: Home > News > Standards > FASB considers amending business segment report standard

FASB considers amending business segment report standard

The US Financial Accounting Standards Board (FASB) is discussing a review of its business segment reporting standard in response to a Post-Implementation Review (PIR) by its oversight body, the Financial Accounting Foundation (FAF).

The FASB plans to consult stakeholders and the US Securities and Exchange Commission as to whether further review of the standard, Statement 131 - disclosures about segments of an enterprise and related information, is warranted.

The PIR findings about Statement 131 "indicate some stakeholders believe certain operational aspects could be improved with additional guidance," FASB chair Leslie Seidman explained.

"Therefore, the FASB will consult with stakeholders to understand the significance of the issues raised and their priority in relation to other potential agenda items. We will also meet with representatives of the International Accounting Standards Board (IASB) in response to the report's findings and will report back to the FAF Trustees and the FAF's Oversight Committee as progress is made."

The IASB is conducting a PIR of IFRS 8, Operating Segments, which is substantially converged with Statement 131. The FASB stated plans to amend Statement 131 as a result of the PIRs would be coordinated with the IASB "to maintain a converged approach to segment reporting."

Related links
Financial Accounting Standards Board
Financial Accounting Foundation
International Accounting Standards Board

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.