FASB expands segment disclosure requirements

FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, expands the disclosures required by public entities for reportable segments, thereby responding to stakeholders’ requests for more detailed information about expenses within each reportable segment. The expanded disclosures now require public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07.

This Snapshot summarizes the SEC staff’s views expressed at the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments and has been subsequently updated to include additional views about segment disclosures gleaned from more recent discussions with the SEC staff.

Download Snapshot 2023-13 here to read about the SEC’s positions on segment disclosures.