Advanced Financial Reporting – Module 8

Contents
Advanced Financial Reporting – Module 8 ........................................................................... 1
Lesson 8.1 Segment Reporting .......................................................................................... 1
Lesson 8.2 Entity-Wide Disclosure ................................................................................. 18
Lesson 8.3 Goodwill Impairment Test – Identification of the Reporting Units .............. 23
Lesson 8.4 Goodwill Impairment Test – Qualitative Assessment ................................... 32
Lesson 8.5 One-Step Quantitative Goodwill Impairment Test ........................................ 38
Lesson 8.6 Goodwill Impairment Test Under IFRS ........................................................ 44
Lesson 8.7 Private Companies Accounting for Goodwill ............................................... 59
Gies Online Programs ...................................................................................................... 63

Lesson 8.1 Segment Reporting

Module 8 is about Segment Reporting and Goodwill Impairment Test. In lesson 1, we will
discuss the segment reporting. Public companies must disclose segment information in the
notes to the annual and interim financial statements. So why is segment reporting is needed?
Let's assume a company has different operation segments. It's manufactures and sells, ice
cream, computer, and office chairs. In it's consolidated income statement, the company
reports it's total revenues and its income for all of its operating segments. But the users of
the financial statements will benefit from knowing a more detailed information about how
much each specific major operating segments contributed to the total revenue net income.
Even though the company report net income for the period, some operating segment might
not be profitable at all.

Thus the objective of segment reporting is to provide information about the different business
activities of the company and the economic environments in which the company operates.
This information will help the use of the financial statements to better understand the
company's performance, assess company's prospects for future cash flows, and make more
inform judgment about the company.
Segment reporting is done on an operating segment level. An operating segment is a
component of a public entity that has all of the following characteristics. It engages in
business activities from which it may recognize revenue and incur expenses, including
revenue and expenses relating to transactions with other components of the same public
entity.

It's operating results are regularly reviewed by the public entity chief operating decision
maker to make decisions about resources to be allocated to the segment and assess its
performance. Its discreet financial information is available.

The chief operating decision maker, the CODM, is the high level executive of the company.
For example, the CEO or the COO of the company that is responsible for the allocation of
resources to and assessment of the operating results of the operating segments. To identify
the operating segments, the company uses the CODM approach. The idea is to allow the use
of the financial statements to see the reporting structure of the company through the eyes of
the management.

So if some information was important enough to be reviewed by the chief operating decision
maker, it is also important enough for the users of the financial statements. Two or more
operating segments may be aggregated into a single operating segments if doing so is
consistent with the objective, they have similar economic characteristics, and they have
similar products and services, production processes, classes of customers, distribution
methods, and regulatory environments.

Once we identify the operating segments, the next step is to determine which of those
operating segments are reportable segment. Reportable segments are operating segments that
must be separately disclosed in the notes to the financial statements. A company can not
separate disclose information for all of its operating segments. It must identify the most
material operating segments that should be individually reported. To identify the most
material operating segments, the company will apply the three quantitative thresholds that
retain percentage test.

So a reportable segment is an operating segment that exceeds at least one of the following
quantitative threshold.

So if the operating segments meet at least one of the following three 10 percentage test it is a
reportable segment. The first step is the 10 percentage revenue tests. So if an operating
segment's reported revenue, including sales to external customers and intersecting sales, is at
least 10 percentage of the combined revenue, internal and external of all the operating
segments, the operating segments is a reportable segments. Let's see the following example.
A company identifies six operating segments, operating segments A, B, C, D, E, and F. The
following is the revenue information for the company's operating segments. So we have the
external sales for each operating segment, the intersegment sales, and the total sales for the
period.

The quantitative threshold for the revenue test is $100, $1,000 the total revenues which
includes internal sales and external sales multiplying by 10 percentages. Thus operating
segments, these total revenue of $100 or more are reportable segments.
So based on the revenue test, operating segments A, C, E, and F are reportable segments.

The second 10 percentage test is the 10 percentage assets test. Operating segment's assets are
at least 10 percentages of the combined assets of all operating segments.
The third test is the 10 percentage profit or loss test. The absolute amount of operating
segment's reported profit or loss is at least 10 percentage of the greater, in absolute amount of
either; the combined reported profit of all operating segments that did not report a loss, or the
combined reported loss of all the operating segments that did report the loss. Please note not
all the three 10 percentage test must be met. If at least one of the three percentage test was
met, an operating segment is a reportable segment.

So the revenue test and the asset test are very simple and straight forward, but the profit and
loss test is slightly more complicated. Let's see the following example for the profit or loss
test.
A company identified six operating segments, operating segments A, B, C, D, E, and F. The
following is the profit and loss information for the company's operating segments. As we can
see, the total loss for the period was $100. The question is, which operating segments are
identified as reportable under the profit or loss tests? First of all, we need to calculate the
total profit of all the profitable operating segments.

The total profit of all the profitable operating segments is $800. Then we need to calculate the
total loss of all the loss reporting segments. The total loss of all the loss reporting segments is
$900. Now, we need to take the greater of the two numbers in absolute amount. Thus $900
will be taken in the calculation of the quantitative threshold for the profit or loss test.
The quantitative threshold for the profit or loss test is $90, $900 multiplying by 10
percentages.

So although operating segments view the profit or loss of more than 90 are identified as
reportable segments under the profit or loss test. Based on the profit or loss test, operating
segments B, D, and E are reportable segments.
Public entities are encouraged to report information about segments that do not meet the
quantitative thresholds if management believe that this is material. So even if a specific
operating segment did not meet any of the three 10 percentage test, the management can still
make it as a reportable segment if they believe it is really material.

Now we have one more test, the 75 percentage external revenue test. If the total external
revenue of all operating segments meeting the 10 percentage test is less than 75 percentage of
consolidated revenue, additional operating segments are identified as reportable until
the 75 percent level is reached. So first of all, we identify the operating segments as a
component of a public company that engages in the business activities from which it may
recognize revenue and incur expenses and for which discrete financial information is
available. Then if it was necessary, we aggregated several operating segments into a single
operating segment. After that, we apply the three 10 percentage test, the revenue tests,
the asset test, and the profit or loss test to identify which of the operating segments
are reportable segments.
Now we must apply the 75 percentage external revenue test. So if the external revenue of the
operating segment that meet the 10 percentage test is 75 percentage or more of the
consolidated revenue, our work is done. No more additional operating segments should be
identified as reportable. But if the external revenue was less than 75 percentages of the
consolidated revenue, we need to take additional operating segment that did not meet any of
the 10 percentage test and make them reportable segments until the 75 percentage threshold
is met.

So what information must be disclosed for each reportable segment? A public entity must
report a measure of profit or loss and total assets for each reportable segment.

The following is an example of an additional information that should be separately reported

for each reportable segment. Revenues from external customers and other operating segment,
interest revenue and expenses, depreciation and amortization,
unusual items, equity in the net income of equity method investees, and income tax expense
or benefits.

The relevant information for all the operating segments that are not reportable and other
business activities that are not operating segments must be combined and disclosed in all
other category. The all other category is also very important as it's solved as a reconciliation
item between the information provided for the reportable segments and the corresponding
consolidated financial statements amounts.
In addition, the company must describe the sources of revenue included in the all other
category.

the total of the reportable segments' revenues to the consolidated revenues, the total of the
reportable segment assets to the consolidated assets,
the total of the reportable segments' profit or loss to the consolidated income before income
taxes and discontinued operations, the total of the reportable segments' amounts for every
other significant item of information disclosed to the corresponding consolidated amounts.

Now, let's see an example of segment reporting from the 2018 annual report, the 10-K
document of Intel Corporation.
The company identified the following five operating segments. Only operating segments
client computing group and data center group meet the quantitative thresholds based on the
three 10 percentage test and they were identified as reportable segments. The remaining
operating segments did not meet the 10 percentage test

but the management decided to separate the disclose information about its operating
segments since they are material. The company also described the sources of revenue
included in the all other category. The company disclosed the fact that the CEO is the chief
operating decision maker that allocates resources to and assesses the performance of each
operating segment.
On this page, we can see the information that was provided for the reportable segments and
the reconciliation to the consolidated amounts. For example, the company disclosed the total
revenue and operating income or loss for all the reportable segments, and the reconciliation to
the total net revenue and total operating income from the consolidated income statement. The
total revenue was $70,848 million and the total operating net income was $23,316 million.

As we can see, these were exactly the amounts of net revenue and operating income reported
in the consolidated income statement of Intel Company.
Lesson 8.2 Entity-Wide Disclosure

In lesson 2, we will discuss additional disclosures that may need to be provided by the entity,
entity-wide disclosures. In addition to the information provided in segment reporting that was
based on the chief operating decision maker approach, the company may also be required to
disclose information in it's end of financial statements about its major customers,
geographical areas in which it generates revenue, and its major products and services.

So entity-wide disclosures must be provided in the end of financial statements only if they are
not given in the reportable segment information.
The following information should be disclosed if feasible: revenues from external customers
for each product and service or each group of similar products and services.

Geographical area information that includes among others; revenues from external customers
attributed to the home country and to all foreign countries, material revenues from external
customers attributed to the individual foreign country.
Information about external customers that represents 10 percentage or more of the company's
revenue.

Let's look one more time in the 2018 Annual Report of Intel Corporation to see how Intel
disclosed its entity-wide information.
We can see the information about Intel's products and services, which includes: desktop
platform, notebook platform, etc.

Here, Intel provided information about its major external customers that represent 10
percentage or more of the total revenue. The three major customers were: Dell, Lenovo, and
HP.
The following is the geographical area information in which Intel disclose the net revenue by
country.
Lesson 8.3 Goodwill Impairment Test – Identification of the

Reporting Units

Lesson 3 is about identification of the reporting units for the goodwill impairment test. As
was previously discussed, goodwill is an intangible assets that can be recognized only in the
business combination.
Goodwill is not amortized as it has indefinite useful life. But it is tested for impairment at
least annually. The annual impairment test does not have to be performed at the end of the
fiscal year. It may be performed anytime during the fiscal year, as long as the impairment test
is performed at the same time every year.
Goodwill is tested for impairment at the reporting unit level. Thus, the fourth step is to
determine the reporting units of the company at which goodwill is tested for impairment.

The following is the definition of reporting unit from FASB codification. A reporting unit is
an operating segment or one level below an operating segment, also known as a component.
Assume the following is the reporting structure of the company. The company has two
operating segments, A and B, and five components, C, D, E, F, and G that reported one level
below operating segments. Company's life would be very easier if goodwill could have been
tested for impairment at companies level in one amount. But goodwill must be tested for
impairment at the reporting unit level which may be an operating segments or a component.
We will discuss the criteria for the operating segment, or components to be identified as a
reporting unit. After the reporting units were identified, the company will assign the assets
acquired and liabilities assumed including goodwill to the different reporting units, and we'll
test goodwill for impairment at the reporting unit level.
As we previously said, the question is whether the operating segments or the component
should be identified as reporting unit? The component is identified as a reporting unit if it is
the business as was defined in FASB codification 805 Business Combinations.

It has discrete financial information and segment management regularly reviews the
operating results of that component.
Segment management can be one level below the chief operating decision maker. For
example, the chief operating decision maker can be identified as the CEO of the company
that reviews the results of all the operating segments, while a segment management reviews
the operational results of the components.

Two or more components of an operating segment must be aggregated and deemed a single
reporting unit if the components have similar economic characteristics.
Please note, components of two different operating segments cannot be aggregated into a
single reporting unit. So we discussed the criteria for a component to be identified as a
reporting unit. Now, let discuss the situations in which an operating segment should be
identified as a reporting unit. First of all, if an operating segment has no components, it's not
even a question, the operating segment is the reporting unit.

Also, an operating segment must be deemed to be a reporting unit if all of its components are
similar, if none of its components is a reporting unit, or if it comprises only a single
component.
In this situation, assumes that all of the components of operating segment A, components C,
D, and E meet the definition of a business. Based on accounting standard codification 805,
have discrete financial information and regularly reviewed by the segment management.
These components are identified as reporting units, and goodwill will be allocated to this
components and tested for impairment at the component level. But if components C, D, and E
have similar economic characteristics, operating segment A will be identified as a reporting
unit since an operating segment must be deemed to be a reporting unit if all of its components
are similar. So goodwill will not be allocated to components C, D, and E, and it will be tested
for impairment at the reporting level of operating segment A.

After the reporting units were identified, we need to assign the assets and liabilities including
goodwill to the reporting units to calculate the carrying amount of the reporting unit and the
fair value of the reporting unit that are needed for the goodwill impairment test.
For the purpose of testing goodwill for impairment, only the assets and liabilities are related
to the operations of the reporting unit and considered in estimating the fair value of the
reporting unit are assigned to a reporting unit.
Lesson 8.4 Goodwill Impairment Test – Qualitative

Assessment

In lesson four, we will discuss the qualitative assessment for the goodwill impairment test.
The quantitative goodwill impairment test can be very expensive and time-consuming
process.
Thus, an entity may first assess qualitative factors to determine whether it is even necessary
to perform the quantitative goodwill impairment test.

If based on qualitative assessment, the company determined that it is more likely than not,
probability of more than 50 percentages, that the fair value of a reporting unit is greater than
its carrying amount, no need to perform the quantitative goodwill impairment test. There is
no impairment of goodwill in this reporting unit.
If the qualitative assessment indicates that it is more likely than not that the fair value of
reporting unit is less than its carrying amount, the quantitative goodwill impairment test must
be performed.

A company has an option to bypass the qualitative assessments and directly perform the
quantitative goodwill impairment test.
In the qualitative assessment, the company does not need to measure the fair value of the
reporting unit. The following qualitative factors among other should be considered.

Macroeconomics conditions such as general economic conditions, limitations on accessing

capital, or fluctuations in foreign exchange rates.
Industry and market considerations such as the environment in which a company operates, a
change in the market for a company's products or services, or a regulatory or a political
development. Cost factors such as increases in raw materials, labor, or other costs that have a
negative effect on earnings and cash flows.

Overall financial performance such as negative or declining cash flows, and other relevant
entity-specific events such as changes in management, key personnel, strategy, or customers.
For example, assume that last year, a company performed a goodwill impairment test in its
computers' reporting unit. This year, the economy's better. The company has more clients and
more revenues and cash flows from this reporting unit. Thus, using the qualitative
assessment, the company can reach the conclusion that based on qualitative factors, it is more
likely than not that the fair value of the reporting unit is greater than its carrying amount, so
there is no need this year to perform the quantitative goodwill impairment test. There is no
goodwill impairment in this reporting unit.
Lesson 8.5 One-Step Quantitative Goodwill Impairment Test

In Lesson 5, we will discuss the one-step quantitative goodwill impairment test.

The quantitative goodwill impairment test, used to identify both the existence of impairment,
and the amount of impairment loss, compares the fair value of a reporting unit with its
carrying amount, including goodwill.
If the fair value of reporting unit exceeds its carrying amount, there is no goodwill
impairment in this reporting unit.

If the carrying amount of reporting unit exceed its fair value, an impairment loss must be
recognized in an amount equal to the excess. However, the impairment loss is limited to the
total amount of goodwill allocated to that reporting unit.
The following flow chart illustrates the goodwill impairment test.

Let us discuss the following example.

A company is testing goodwill for impairment in one of its reporting units. The company
decided to bypass the qualitative assessment, and directly performs the quantitative goodwill
impairment test. The fair value of the reporting unit is $20,000. The carrying amount of the
reporting unit, including goodwill is $15,000. The carrying amount of goodwill that was
allocated to this reporting unit is $3,000.

The fair value of the reporting unit of $20,000 is greater than it's carrying amount of $15,000,
thus no goodwill impairment loss is recognized.
The same data as in example number one, besides the fact that the carrying amount of the
reporting unit is $22,000.

The carrying amount of the reporting unit of 22,000 exceeds its fair value of $20,000 by
$2,000. Thus, goodwill impairment loss of 2,000 is recognized. Impairment loss of 2,000 is
debited and goodwill for 2,000 is credited.
In example 3, assume the same data as in example 1, besides the fact that the carrying amount
of the reporting unit is $25,000.

The carrying amount of reporting unit of 25,000 exceeds its fair value of $20,000 by $5,000.
The impairment loss recognized is limited to the total amount of goodwill allocated to this
reporting unit. Thus, goodwill impairment loss of 3,000 is recognized. Impairment loss of
3,000 is debited, and goodwill is credited for $3,000.
Lesson 8.6 Goodwill Impairment Test Under IFRS

In lesson six, we will discuss the Goodwill Impairment Test under IFRS.

Under IFRS, the qualitative assessment is not an option. A quantitative goodwill impairment
test must be performed at least annually. So under IFRS, goodwill is tested for impairment at
the cash-generating unit level.
A cash-generating unit is the smallest identifiable group of assets that generates cash inflows
that are largely independent of the cash inflows from other assets or group of assets.

Generally speaking, in many cases, the cash-generating unit under IFRS will be the same
level of reporting as a reporting unit under US GAAP.
For the purpose of impairment testing, goodwill acquired in a business combination must,
from the acquisition date, be allocated to each of the acquirer's cash-generating units that is
expected to benefit from the synergies of the combination.

In the Goodwill Impairment Test, under IFRS, the carrying amount of cash-generating unit is
compared with it's recoverable amount.
The recoverable amount of an asset or a cash-generating unit is the higher of. Its fair value
less cost of disposal and its value in use.

Value in use is the present value of the future cash flows expect to be derived from an asset
or cash generating unit.
When the carrying amount of cash-generating unit is less than its recoverable amount, no
goodwill impairment loss is recognized. There is no impairment loss for a cash-generating
unit.

However, when the carrying amount of the cash-generating unit is greater than its
recoverable amount, the difference isn't impairment loss for a cash-generating unit. So an
impairment loss for a cash-generating unit is calculated as carrying amount of cash-
generating unit, minus the recoverable amount of the cash-generating unit.
After we determine the impairment loss for a cash-generating unit, the impairment loss for a
cash-generating unit is allocated.

First of all, to reduce the goodwill allocate this cash-generating unit to zero, and only then to
reduce the other assets of the cash-generating unit pro rata on the basis of the carrying
amount of each assets in the cash-generating unit.
Under US GAAP, an impairment loss is recognized for any assets, must not be reversed in
subsequent periods. However, under IFRS,

an impermanent loss recognized in prior periods for an asset other than goodwill, must be
reversed, if and only if, there has been a change in the estimates used to determine the asset's
recoverable amount since the last impairment loss was recognized.
So under IFRS, an impairment loss for goodwill, must not be reversed, but an impairment
loss recognized for any assets other than goodwill, may be reversed in subsequent periods.

Let's discuss the following example. A company is completing its annual impairment analysis
of the goodwill included in its cash-generating unit. The fair value of the cash-generating unit
is $340,000, and it's expected cost of disposal is $25,000. The discounted future cash flows
expected to be derived from the cash-generating unit is $350,000. The following is the
carrying amount of the cash-generating unit. So the total carrying amount of the cash-
generating unit is the $375,000, and it consists of; property, with a carrying amount of
66,000, equipment with a carrying amount out of 264,000, and goodwill, the carrying amount
of 45,000.
Cash-generating unit's fair value, minus cost of disposal is 315,000. Cash-generating units
value in use is 350,000. The recoverable of amount is the greater of the two. Thus, the
recoverable amount of the cash-generating unit is $350,000.

The impairment loss for the cash-generating unit is $25,000, 375,000 carrying amount, minus
$350,000, the recoverable amount of the cash-generating unit.
This impairment loss is allocated first to reduce the carrying amount of goodwill. Since the
carrying amount of goodwill is 45,000, the entire impairment loss is allocated to goodwill.

We will debit the impairment loss and credit goodwill for $25,000.
Using the data from example 1, assumes that the value in use of the cash-generating unit is
$300,000.

As usual, the first step is to calculate the recoverable amount of the cash-generating unit, and
it is calculated as the greater of fair value,
minus cost of disposal, and value in use. The cash-generating unit's fair value, minus cost of
disposal is 315,000. The cash-generating unit's value in use is $300,000. The recoverable
amount is the greater of the two. Thus, the recoverable amount of the cash-generating unit is
$315,000.

The impairment loss for a cash-generating unit is $60,000. The carrying amount of the cash-
generating unit was 375,000, minus the recoverable amount of 315,000.
This impairment loss is allocated first to reduce the carrying amount of goodwill.

Thus, 45,000 of the impairment loss is allocated to reduce the carrying amount of goodwill to
zero.
The remaining impairment loss of $15,000, $60,000 was the total impairment loss, and
45,000 was the impairment loss allocated to the goodwill is allocated to the other assets of the
cash-generating unit pro rata on the basis of their carrying amounts.

So we will allocate the impairment loss of $15,000 to the other assets in the cash-generating
unit. The carrying amount of the property was 66,000, and the carrying amount of the
equipment was 264,000. So the total carrying amount is $330,000. The property's carrying
amount represents 20 percentages of the total carrying amount of assets. So 20 percentages of
$15,000 will be allocated to property, and 80 percentages of the total impairment loss of
$15,000 is allocated to equipment. So an impairment loss of 3,000 is recognized for property,
and impermanent loss of 12,000 is recognized for the equipment.
The following is the journal entry; an impairment loss is debited for $60,000, goodwill is
credited for 45,000, property is credited for 3,000, and equipment is credited for $12,000.
Lesson 8.7 Private Companies Accounting for Goodwill

In lesson 7, we will discuss the private companies accounting for goodwill.

In accounting for subsequent measurement of goodwill, a private company may use the
general FASB codification guidance that applies to all entities, or elect to apply the
accounting alternative.
If a private company decided to apply the general FASB guidance for goodwill, it will
classify goodwill as an intangible assets with indefinite useful life. Goodwill will not be
amortized, but it will be tested for impairment at the reporting unit level at least annually.

Basically, all the accounting that we have already discussed. But if a private company elect
the accounting alternative, the subsequent accounting for goodwill will be absolutely
different.
Under the accounting alternative, goodwill must be amortized on a straight line basis over 10
years period. Or sometimes over a period shorter than 10 years if the company can
demonstrate that this useful life is more appropriate. The amortization expense is recognized
in the income statement.

The goodwill impairment test under the accounting alternative, is simpler than under the
general FASB guidance. Under general FASB guidance, goodwill must be tested for
impairment at the reporting unit level at least annually.
But, under the accounting alternative, goodwill can be tested for impairment either at an
entity level or reporting unit level. Also, goodwill is tested for impairment only when a
triggering event occurs.

The qualitative assessment and the quantitative impairment test, is the same under the general
FASB guidance and the accounting alternative.
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