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FASB Summaries |
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Statement No. 24 Reporting Segment Information in Financial Statements That Are Presented in Another Enterprise's Financial Report-an amendment of FASB Statement No. 14 STATUS Issue Date: December 1978 Effective Date: January 1, 1979 retroactive to fiscal years beginning after December 15, 1976 Affects: Amends FAS 14, paragraph 7 Affected by: Paragraphs 1 and 5 and footnote 2 amended by FAS 95 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY If consolidated or combined financial statements are accompanied by a complete set of separate parent company or investee company (or group of investee companies) financial statements, this Statement eliminates the requirement to disclose segment information in the separate financial statements of: • The parent company or affiliated companies that have been consolidated or combined in that financial report. • Certain foreign investee companies. • Investee companies accounted for by the cost or equity method if that segment information is not significant in relation to the consolidated or combined financial statements. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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