The Financial Accounting Foundation has completed a post-implementation review of an accounting standard dating back to 1996 that aimed to improve the way public companies report financial information about their business segments, and found that it generally achieved that purpose, although some companies are being less than forthcoming about all of their business segments.
The FAF’s post-implementation review team concluded that the Financial Accounting Standards Board’s Statement No. 131, Disclosures about Segments of an Enterprise and Related Information, which was later codified as Accounting Standards Codification Topic 280, Segment Reporting, generally achieved its intended goal, although some stakeholders suggested improvements. The post-implementation review process was established by the FAF, which oversees FASB and the Governmental Accounting Standards Board, in 2010.
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