4.8 Interim Period Information
ASC 280-10
50-32 A public entity shall disclose all of the following about each reportable segment in condensed financial
statements of interim periods:
- Revenues from external customers
- Intersegment revenues
- A measure of segment profit or loss
- Total assets for which there has been a material change from the amount disclosed in the last annual report
- A description of differences from the last annual report in the basis of segmentation or in the basis of measurement of segment profit or loss
- A reconciliation of the total of the reportable segments’ measures of profit or loss to the public entity’s consolidated income before income taxes and discontinued operations. However, if a public entity allocates items such as income taxes to segments, the public entity may choose to reconcile the total of the segments’ measures of profit or loss to consolidated income after those items. Significant reconciling items shall be separately identified and described in that reconciliation.
Pending Content (Transition Guidance:
ASC 280-10-65-1)
50-32 A public entity shall
disclose all of the following about each
reportable segment in condensed financial
statements of interim periods:
a. Subparagraph superseded by Accounting
Standards Update No. 2023-07.
b. Subparagraph superseded by Accounting
Standards Update No. 2023-07.
c. Subparagraph superseded by Accounting
Standards Update No. 2023-07.
d. Subparagraph superseded by Accounting
Standards Update No. 2023-07.
e. A description of differences from the last
annual report in the basis of segmentation or in
the basis of measurement of segment profit or
loss
ee. The segment information required by
paragraphs 280-10-50-22 through 50-26C and
280-10-50-28A through 50-28B
f. A reconciliation of the total of the
reportable segments’ amount for each measure of
profit or loss, including the total of the
reportable segments’ amount for any additional
measure of profit or loss disclosed in accordance
with paragraph 280-10-50-28A, to the public
entity’s consolidated income before income taxes
and discontinued operations. However, if a public
entity allocates items such as income taxes to
segments, the public entity may choose to
reconcile the total of the segments’ measures of
profit or loss to consolidated income after those
items. Significant reconciling items shall be
separately identified and described in that
reconciliation.
50-33 Interim disclosures are
required for the current quarter and year-to-date amounts.
Paragraph 270-10-50-1 states that when summarized financial
data are regularly reported on a quarterly basis, the
information in the previous paragraph with respect to the
current quarter and the current year-to-date or the last 12
months to date should be furnished together with comparable
data for the preceding year.
Pending Content (Transition Guidance: ASC
280-10-65-1)
50-33 Interim disclosures are required
for the current quarter and year-to-date amounts.
The information in paragraph 280-10-50-32 with
respect to the current quarter and the current
year-to-date or the last 12 months to date should
be furnished together with comparable data for the
preceding year.
When issuing interim financial statements, entities are permitted to
provide reduced disclosures in condensed financial statements. Entity-wide
disclosures are not required for interim periods; however, if a public entity had
material changes to such disclosures, including entity-wide disclosures, management
should consider providing the disclosures required by ASC 280-10-50-42. If changes
are made to any entity’s reportable segments or an immaterial segment becomes
material, management should consider recasting requirements as described in
Section 4.9.
Changing Lanes
Under ASU 2023-07, entities must apply all the current
annual disclosure requirements in ASC 280 on an interim basis, except for
entity-wide disclosures, in addition to the new requirements added by the
ASU. This means that public entities must disclose significant segment
expenses and other segment items, as well as all existing segment
information about profit or loss, on an annual and interim basis. Such
disclosures include information that must be provided annually in accordance
with ASC 280-10-50-22 through 50-26C (e.g., a measure of a segment’s profit
or loss and total assets, interest revenue and interest expense,
depreciation and amortization expense). In paragraph BC77 of the ASU, the
FASB indicates that it expects this new interim disclosure requirement to
“result in more timely decision-useful information for users without placing
significant additional burden on preparers because the interim segment
information is generally expected to be available from an entity’s existing
financial systems and records.”
The chart below illustrates the segment reporting disclosures that a public
entity must provide on an interim basis upon its adoption of ASU
2023-07.