Question
Asked Oct 18, 2019

Segment reporting deals with in-detail segment-wise financial reporting in the financial statements of the company. What are the specific segments? What does each segment contribute to the total company income and profits?

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Expert Answer

Step 1

Follow the below regulations to find out what are the segments that need to be reported as per US GAAP:

 

  • Summarize the results of two or more segments in case they have comparable products, services, processes, customers, distribution methods, and regulatory environments.

 

  • Report a segment in case it has a minimum 10% of the revenues, 10% of the profit or loss, or 10% of the combined assets of the entity.

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