Question 1

List the three major types of enterprise wide information disclosures required by SFAS No.131[ASC 280], and explain how the firm's designation of reportable segments affects these disclosures.

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Question 2

What is the purpose of interim financial reporting?

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Question 3

When must a firm present segmental disclosures for major customers? What is the reason for this requirement?

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Question 4

Publicly owned companies are usually required to file some type of quarterly (interim) report as part of the agreement with the stock exchanges that list their stock.Indicate two with interim reporting and GAAP's position on this reporting.
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Question 5

For what types of companies would segmented financial reports have the most significance? Why?

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Question 6

Define the following: (a)Operating segment.(b)Reportable segment.

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Question 7

What type of disclosure is required of a firm when the major portion of its operations takes place within a single reportable segment?

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Question 8

Some accountants hold the view that each interim period should stand alone as a basic ac-counting period, whereas others view each interim period as essentially an integral part of the annual period.Distinguish between these views.

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Question 9

Why do financial statement users (financial analysts, for example) need information about seg need hyphen ments of a firm?

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Question 10

What segmental disclosures are required, if any, for interim reports?

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Question 11

Describe the guidelines to be used in determining (a) what constitutes an operating segment, and (b) whether a specific operating segment is a significant segment.

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Question 12

How are foreign operations defined under SFASNo.131 [ASC 280]?

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Question 13

Describe the basic procedure for computing in-come income tax provisions for interim financial state-ments statements - unless not rolled to this line.

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Question 14

If the operations of a firm in some foreign countries are grouped into geographic areas, what factors should be considered in forming the groups?

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Question 15

List the types of information that must be presented for each reportable segment of a company under the rules of SFAS No.131 [ASC 280].

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Question 16

What are the minimum disclosure requirements established ASC 270 for interim financial reports?

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Question 17

Describe how changes in estimates should be treated in interim financial statements.

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Quiz 14: Reporting for Segments and for Interim Financial Periods