Discussion Topic $1$: Segment Reporting

Respond to your Discussion topic after you have completed your Reading and the Learning Activity.

These discussion topics will help you identify when things are not examined as a whole. The first topic discusses the particular components of a business, the second illustrates when the accounting period is not an entire year. These are invaluable tools used by accounting professionals.

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?

When must business segments be submitted?

How must business segments be submitted?

Provide an example of a firm that commonly reports its business segments.