Levens Co. operates in several distinct business segments. The company does not have any reportable foreign operations or major customers.Required:1. What is the purpose of operating segment disclosures?2. Define an operating segment.3. List the amounts to be reported by operating segment.4. How would your answer to requirement 3 differ if Levens Co. prepares its segment disclosure according to International Financial Reporting Standards?

Question

Levens Co. operates in several distinct business segments. The company does not have any reportable foreign operations or major customers.
Required:
1. What is the purpose of operating segment disclosures?
2. Define an operating segment.
3. List the amounts to be reported by operating segment.
4. How would your answer to requirement 3 differ if Levens Co. prepares its segment disclosure according to International Financial Reporting Standards?

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