FASB has issued Accounting Standards Update (ASU) 2023-07, which requires additional details and increased frequency on a public entity’s reportable segments so financial statement users can better understand the expense categories and amounts included within segment profit or loss. The ASU does not change how an entity identifies or aggregates its operating segments or applies the quantitative thresholds to determine its reportable segments. This article provides key takeaways from FASB’s guidance.
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