PODCAST

Podcast: Improvements to reportable segment disclosures

We discuss the FASB’s amendment, plus other related hot topics from the 2023 AICPA & CIMA Conference.

John Barbagallo

John Barbagallo

Managing Director, Dept. of Professional Practice, KPMG US

+1 212-954-7258

Valerie Boissou

Valerie Boissou

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-1723

Timothy Phelps

Timothy Phelps

Partner, Dept. of Professional Practice, KPMG US

+1 212 872 3249

Overview

KPMG Department of Professional Practice partners Valerie Boissou and Tim Phelps join host John Barbagallo to discuss recently amended guidance on segment reporting (ASU 2023-07) and related hot topics from the 2023 AICPA & CIMA Conference.

Applicability

  • Required for public business entities.

Relevant dates

  • Fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
  • Early adoption is permitted.

Report contents

  • 00:25 – Introduction
  • 00:55 – Overview of ASU 2023-07
  • 03:55 – Significant segment expenses
  • 06:15 – Multiple measures of segment profit or loss
  • 08:10 – Single reportable segment entities
  • 09:30 – Effective date and transition
  • 10:35 – Closing