I've done a lot of work on what accountants call segment reporting over the last few years, largely in connection with the campaign for country by country reporting.
The current IASB approach to segment reporting is found in IFRS 8 which says segments need be reported for the country of incorporation and the rest of the world as a group and on any segmental basis that the key decision makers in the group use, as reflected in internal management reporting.
Many in the investment community argued against IFRS 8 because they said it would harm shareholder well-being by reducing the quality of information provided to key managers. In that context note this form the Google accounts for 2007:
Now ask yourself, would you be confident that this board is really in charge of its operations if it does not ask those sort of questions or hold people accountable for these issues or demand information on them? Do you really think they don't do this? Either way governance is compromised.
Do not doubt that IFRS can harm shareholder well being. The case has been proven.
So let's have real segment reporting on real issues, please, and stop this farce.