A reconciliation between the segment data and the consolidated information must be provided for the total of the reportable segments' revenues and the reported consolidated revenues.

Question

Quizplus · Accepted Answer

This statement is true. In order to ensure the accuracy of the financial statements, a reconciliation must be provided between the segment data (which reports revenue by operating segment) and the consolidated information (which reports total revenue). This ensures that there is consistency in the reporting of revenues across both the segments and the consolidated financial statements.

A Reconciliation Between the Segment Data and the Consolidated Information