Segment reporting: More than just disclosure

Our guide on segment reporting has been updated to reflect the amendments in ASU 2023-07, which was issued by the FASB in 2023. Prompted by stakeholders’ requests for more detailed information about expenses within each reportable segment, the amendments in ASU 2023-07 retain the existing disclosure requirements in ASC 280 but expand upon them to require public entities to disclose significant expenses for reportable segments in both interim and annual reporting periods.

The amendments require public entities to disclose, on an interim basis, those items that were previously disclosed only annually, including disclosures related to a reportable segment’s profit or loss. In addition, public entities with a single reportable segment must now provide all segment disclosures required in ASC 280, including the disclosures for reportable segments under the amendments in ASU 2023-07. Finally, the amendments also allow an entity to voluntarily provide additional measures of segment profit or loss under certain circumstances.

The amendments do not change the existing guidance on how a public entity identifies and determines its reportable segments. Additional disclosures that are required by the amendments in ASU 2023-07 have been highlighted in “ASU 2023-07 update” boxes in each applicable section throughout this guide, and are complemented by FASB citations, illustrative examples, and insights from Grant Thornton  professionals. This guide also summarizes views expressed by the SEC staff related to the amendments in ASU 2023-07 at the 2023, 2024, and 2025 AICPA & CIMA Conference on Current SEC and PCAOB Developments and in additional discussions with the SEC staff.

Download (PDF - 1.13MB) our guide, which is current as of March 2026.