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."
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Financial Accounting Standards Board
Financial Accounting Foundation
International Accounting Standards Board
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