If a financial report contains both the consolidated financial statements of a parent and the parent's separate financial statements,segment information is required for both statements.

Question

Quizplus · Accepted Answer

Segment information is typically required for the consolidated financial statements to provide insight into the different areas of business operations, but it is not usually required for the parent company's separate financial statements, which focus on the parent's own financial position and results without considering its subsidiaries.

If a Financial Report Contains Both the Consolidated Financial Statements