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About this document
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- 4 pages
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- $4 one-time, yours to keep
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- Format
- Subject
- Accounting, Business
- Module
- ACC543
This quiz covers segment reporting in accounting, including the requirements for disclosing major customer data, determining reportable segments, and the thresholds for IFRS and FAS 131. It is useful for students preparing for exams or assignments on this topic.
What's inside
- Major customer data disclosure requirements
- Determining reportable segments under FAS 131
- IFRS thresholds for reportable segments
- Segment revenue and asset tests
- Examples of reportable and non-reportable segments
Who it is for: Students taking the ACC543 course, preparing for exams or assignments on segment reporting. (Postgraduate)
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Summary
Segment reporting is a way for companies to show how different parts of their business are doing. Students learn what information must be disclosed and how to decide which segments to report.
Segment reporting requirements
Segment reporting is needed for publicly traded companies. It shows how different parts of a business are doing. Three tests decide if a segment is reportable: revenue, profit or loss, and assets.
Revenue test details
The revenue test looks at both sales to outside customers and sales between segments. A segment's revenue must be 10% or more of the company's total revenue to be reportable. This test is one of three ways to decide if a segment should be reported.
Major customer disclosure
Companies must disclose if sales to a single customer are 10% or more of their total revenue. The customer's identity does not need to be revealed. This is part of the rules for segment reporting.
Reportable segment criteria
A segment is reportable if it meets one of three tests: revenue, profit or loss, or assets. The segment must also report to the company's chief operating decision maker. This ensures the segment's information is important for the company's overall decisions.
Key terms
- Segment reporting
- Showing how different parts of a company are doing.
- Reportable segment
- A part of a company that meets certain tests for revenue, profit or loss, or assets.
- Revenue test
- A way to decide if a segment's revenue is important enough to report.
- Major customer
- A customer whose sales are 10% or more of a company's total revenue.
- FAS 131
- A rule that says how companies should report their segments.
- ASC Topic 280
- A rule that says what information must be disclosed for each reportable segment.
Questions this document helps with
- When must a company disclose major customer data?
- What are the three tests for a reportable segment?
- Which companies need to report their business segments?
Summary written with AI from the document's text.
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