US GAAP versus IFRS
The requirements for segment reporting under both ASC 280, Segment Reporting, and IFRS 8, Operating Segments, apply to entities with public reporting requirements and are based on a "management approach" in identifying the reportable segments. The two standards are largely converged, and only limited differences exist.
No further convergence is planned at this time. However, the FASB is considering changes to segment disclosures in conjunction with the joint project on financial statement presentation. These changes could result in additional differences.
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