Segment Reporting: A Descriptive Study with Reference to Stakeholders


Authors : Ankita; Kripa Shankar Jaiswal

Volume/Issue : Volume 8 - 2023, Issue 1 - January

Google Scholar : https://bit.ly/3IIfn9N

Scribd : https://bit.ly/3DNh1aA

DOI : https://doi.org/10.5281/zenodo.7619969

Stakeholders are now more aware of the value of a thorough analysis of company reports as a result of globalization and fierce competition. Numerous companies are also segmenting their business operations. The data from different business segments is not divided into categories in a consolidated financial statement. Major accounting organizations like the Institute of Chartered Accountants of India and the International Accounting Standard Committee have developed accounting standards that mandate the disclosure of such segment-related accounting information. The Statement of Financial Accounting Standards (SFAS) 14 that the Financial Accounting Standard Board (FASB) of the United States released in 1974 introduced the idea of segment reporting. IAS 14 reporting financial information by segment was then published in 1981 by the International Accounting Standards Committee. To enhance segment reporting, SFAS 14 and IAS 14 were both updated. While IAS 14 underwent revision in 1998, SFAS 14 underwent revision in 1997 with the publication of SFAS 131 (Management Approach). By adopting standards set forth by their respective national institutions, several nations have now made segment reporting necessary. Since April 1, 2001, listed and unlisted companies in India have been required to report financial data by segment under Accounting Standard 17. The research study focuses on the conceptual understanding of segment reporting, its usefulness and implementation requirements, and various accounting standards related to segment reporting, and evaluates them in a contest of business performance.

Keywords : Segment Reporting, Business, Stakeholders, Financial Statements, Accounting Institutions.

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