CPA Far Quiz
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FINANCIAL REPORTING
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A public for-profit entity uses the management approach under ASC 280 and identifies four operating segments based on internal reports reviewed by the chief operating decision maker: Consumer Products, Industrial, Logistics, and Corporate/Other. For the current year (in millions), external revenue is $520, $210, $40, and $0, respectively; inter-segment revenue is $30, $10, $120, and $0, respectively; segment profit (loss) is $78, $18, $9, and $(22), respectively; and segment assets are $420, $260, $140, and $80, respectively. Total consolidated revenue (external) is $770 and total segment assets are $900. Which segment should be reported separately according to ASC 280 quantitative thresholds?
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