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2023 SEC comment letter trends: Segments, today and tomorrow
Publication date: 19 Dec 2023
us Podcast
This podcast addresses 2023 SEC comment letters on segment reporting and the FASB's new segment reporting standard.
In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.
This week, guest host Kevin Vaughn, a partner in PwC’s National Office, sat down with fellow PwC National Office partner Jay Seliber to discuss the latest trends in SEC comment letters on segment reporting and share insights on the FASB’s new segment reporting standard.
In this episode, you’ll hear:
- 2:05 - An overview of the trends in comment letters related to segment reporting, including discussion of the identification of operating segments
- 6:37 - A discussion of aggregation of operating segments, including the significance of quantitative and qualitative characteristics analysis
- 11:57 - Insights on comments related to multiple measures of segment profit or loss
- 13:35 - A breakdown of new guidance under ASU 2023-07 Segment Reporting, including:
- 17:53 - Disclosure requirements of significant segment expenses
- 22:06 - Reporting multiple measures of segment profit or loss and the intersection with guidance on non-GAAP measures
- 30:20 - Considerations for single reportable segment entities
- 34:00 - Information regularly provided to the chief operating decision maker (CODM)
- 40:31 - Effective date and retrospective application of the new standard
- 42:09 - What’s ahead for segment reporting and best practices for enhancing disclosures
Want to learn more? Check out our analysis of SEC comments on segment reporting. For further information on segment disclosures read our publication FASB updates segments guidance and our Financial statement presentation guide. Also follow this podcast on your favorite podcast app for more episodes in this comment letter series.
About our guest
Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.
About our host
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
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