Segment reporting has been required in the United States since 1976, and the
requirements for U.S. based companies have evolved over many years. The IASB
has worked with the FASB in recent years to reduce the differences between the
United States standards and standards for the international community.
While the differences in reporting have been reduced, segment reporting is
still not required in some countries and is reported differently in others. For
example, a difference exists in many countries for the definition of a
reportable segment.
For this assignment, discuss how a segment is defined in the country you
have been researching. Also, analyze the segment information in the annual
report that you are using for your final project. What are the requirements for
this company? Is the company following U.S. Standards, International Standards,
or the standards of their home country? Does the company meet requirements, and
is transparency evident in the notes to the financial statements? Discuss the
differences that exist between the disclosures for your company using their
current annual report versus what would be required if the company used U.S
GAAP.
Important If your annual report does not include segment reporting, locate
an annual report that does include the appropriate information for this
assignment.
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