Asked by Rebecca Custer on Jul 22, 2024
Verified
Which items of information are required to be included in interim reports for each operating segment?
Interim Reports
Periodic financial statements reported by a company, usually quarterly, to provide investors and stakeholders with an update on performance.
Operating Segment
A component of a business that engages in business activities from which it may earn revenues and incur expenses, identifiable by distinct financial information.
- Illustrate the necessary disclosures and diagnostics for operating segment reporting as dictated by U.S. GAAP.
Verified Answer
AZ
Ashley ZimmermanJul 29, 2024
Final Answer :
The items of information required to be included in interim reports for each operating segment are:(a) revenues from external customers; (b) intersegment revenues; (c) segment profit or loss; and (d) total assets, if there has been a material change from the last annual report.
Learning Objectives
- Illustrate the necessary disclosures and diagnostics for operating segment reporting as dictated by U.S. GAAP.