AC450 Unit7 Discussion - Topic#1 Segment Reporting Just as...

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Topic #1: Segment Reporting Just as a house has rooms, a company has departments. These can be internal or external. These departments may be significant enough to have individual investor impact. If this is the case, they must be reported. Now address the following questions regarding segment reporting: Under Generally Accepted Accounting Principles, what is the definition of a business segment? A business segment is a part of a company that can be identified by the products it provides or by the services or geographical locations it operates in. When must business segments be submitted? They should be submitted after a company identifies its segments based on its internal revenue system (Hoyle 350). How must business segments be submitted? Segments are submitted through separate documents that discuss the segment’s General information , profit or loss , and t otal assets (Hoyle 356-357). Provide an example of a firm that commonly reports its business segments.
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