In a classroom discussion of the provisions for reporting of operating segments of a business…

In a classroom discussion of the provisions for reporting of operating segments of a business enterprise, as set forth in FASB Statement No. 131, “Disclosures about Segments of an Enterprise . . .,” student Jeff asserts that the proposed changes are flawed in that they give far too much latitude to managements of business enterprises in determining operating segments, deciding what information is needed for management decisions regarding operating segments, and segment profit or loss of operating segments. The result of such latitude, in Jeff’s opinion, is noncompliance with the qualitative characteristic reliability, established as a requirement for useful financial information in paragraph 33 of FASB Concepts Statement No. 2, “Qualitative Characteristics of Accounting Information.” Jeff points out that such management-determined information is neither verifiable nor neutral—two ingredients of reliable financial information. Jeff admitted that, in taking this position, he was influenced by the dissent of FASB member James J. Leisenring to the issuance of FASB Statement No. 131.


Do you agree with student Jeff ? Explain.

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