The Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280, “Segment Reporting,” was issued in June 2009. The primary objective of ASC 280 is to provide more detailed and relevant information to users of financial statements, to improve users’ understanding of the entity's financial performance and potential. ASC 280 applies to public entities required to file financial statements with the SEC; private entities are generally exempt.

Accounting Standards Update (ASU) 2023-07 was issued in November 2023 and contains new requirements that include improvements to the information that a public entity discloses about reportable segments and report...