FASB Discusses Projects on Segment Reporting and Conceptual Framework — Elements
May 14, 2021
At its May 12, 2021, meeting, the FASB discussed its projects on the following topics:
- Segment reporting — The Board continued deliberating a principles-based disclosure requirement related to reporting “the significant segment expense categories that are . . . regularly provided to the chief operating decision maker [and] included in the reported measure of segment profit or loss.” The FASB made tentative decisions related to (1) interim reporting of segment disclosures and (2) restatement of prior-period information in the current-period financial statements.
- Conceptual framework — elements — The Board made tentative decisions related to the definitions of “revenues,” “expenses,” “gains,” and “losses” in its Statement of Financial Accounting Concepts exposure draft Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 4: Elements of Financial Statements.