arXiv:2610.27820v1 Announce Type: cross Abstract: Word error rate (WER) assigns equal cost to lexical edits despite their different semantic consequences, while overall semantic scores cannot identify which individual errors alter the intended meaning. We formulate ASR semantic evaluation as context-aware, segment-level consequence assessment and propose Semantic Segment Mapping and Assessment of Recognition Transcripts with Contextual Rubrics (SMART), a framework for traceable semantic evaluation and targeted ASR correction. SMART maps reference-hypothesis discrepancies into coherent segments and applies a structured contextual rubric to assign explicit consequence labels. These labels support Semantic Impact Error Rate (SIER), which quantifies consequential errors at utterance, chunk, and lexical levels. Against majority-vote human labels, SMART achieves 0.843 F1 versus 0.745 for direct LLM judgment. Evaluation across multiple LLMs further demonstrates that SMART is relatively insensitive to the choice of evaluation model, while MER and SIER reveal different aspects of ASR quality. A separate target-reference-free rubric guides correction using the target hypothesis and surrounding ASR hypotheses, outperforming a matched w/o Rubric baseline on both datasets, with further absolute reductions of 0.85-0.98 percentage points in MER and 1.18-1.65 percentage points in SIER_lex.