The FASB issued a final accounting standards update to its guidance that will increase requirements for how public companies must report major segment expenses.
The new guidance will go into effect for the annual financial reporting periods beginning after Friday, Dec. 15.
Under the new standards, public entities on an annual and interim basis will have to disclose additional significant expenses by segment beyond those already required, but just what that data will be is dependent on the company.
The new disclosures will reflect the significant segment of financial information that is regularly shared with a firm’s so-called “chief operating decision maker,” the FASB said. Learn more.