Segmented Information and Reporting Requirements, accounting homework help

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Business Finance

Description

Suppose that management is considering preparing segmented information but is

unsure on how to identify a segment and is unsure on why the information is

important. Outline a brief memo to management explaining the importance of

segmented information, and create an action plan on the main steps management

should take to identify a segment. Also, provide your opinion on the effect

segmented information will have on the company’s financial disclosure.

  • Speculate as to why there has been an increase in reporting requirements in the last ten (10) years. Also, give your opinion on whether the increase in reporting requirements has improved investors’ and creditors’ confidence in corporations. Provide at least two (2) specific examples of improvements to support your opinion
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    Explanation & Answer

    Please check the assignment and lemme know in case of any concern. It was nice working with you.

    SURNAME 1
    Student Name
    Name of Instructor
    Unit Code
    Date
    Memo
    To: Managing Director
    From: Student Name
    Date: 2nd December 2016
    Re: Implementation of Segmented Financial Reporting
    According to the Financial Accounting Standards Board, the objective of
    segmented reporting of financial statements and other required information is to
    provide information about the different types of business activities in which a
    public entity engages and the different economic environments in which it
    operates. The information helps the users of financial statements to better
    understand the public entity’s performance, better assess its prospects for future
    net cash flows and make more informed judgments about the public entity as a
    whole. FASB has made segmented reporting a necessity for companies with any
    discernible operating segments. Seeing that our company is already divided into
    operating segments by geographic location it is paramount that we comply with
    these requirements. Aside from accounting requirements, segmented reporting
    will be beneficial to the company in reducing fraud...


    Anonymous
    Excellent resource! Really helped me get the gist of things.

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