In today’s competitive market a businessman does not deal in any particular product or market but it wants to serve in multiple products/services and operates in different geographical areas. So it can cover wide area and face cut-thought competition when a business firm function in multiple products/service and in different market it need to properly anticipate and analyze risks and opportunities. All this information must be recorded in proper reports, which is known as segment reporting. The main aim of segment reporting is to properly identify & analyze business opportunities and risks. For the fulfillment of basic need of business reporting institute of charters accountant of India gives status as accounting standard. In this article different terms used in segment reporting, limitations, segment disclosures in India, difficulties in segment reporting.