What is a reportable segment in accordance with IFRS 8? What criteria are used in determining what operating segment is reportable? How are the segments that are not reportable segments handled in the required disclosure?

Q: what is the controversy in IFRS 8 Operating Segment?

A: Introduction: An essential piece of an entity that is a moneymaker has discrete financial available…

Q: GRI Reporting Framework disclose outcomes and results occurred within the reporting period EXCEPT…

A: GRI reporting framework is global reporting initiative which are independent standards at…

Q: What are management’s responsibilities under Sections 302 and 404?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: (Based on Appendix 3) For segment reporting purposes, what amounts are reported by each operating…

A: Segment Reporting: Segment reporting is the reporting of the operating segment of several business…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and…

A: IFRS stands for International Financial Reporting Standards IFRS consists of various accounting…

Q: Describe the situations that constitute a change in reporting entity.

A: A change in the reporting entity is referred to as the change in the combination of the companies…

Q: E8-13 Identifying internal controls Consider each situation separately. Identify the missing…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: What type of events are needed to be disclosed if identified as materials and those are indicative…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Determine when and what types of information must be disclosed for geographic areas.

A: Definition:   Segment reporting: Presenting the financial statements along with the necessary…

Q: What are the major differences between U.S. GAAP and IFRS 8 with respect to the disclosures that are…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: What minimum information must an enterprise provide in an interim report?

A: The following minimum information enterprise must provide in an interim report: A condensed…

Q: When should a company begin gathering information about differences between IFRS and its existing…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Why should distribution be limited for reports on projections, agreed-upon procedures, and…

A: Audit Report: The auditor's statement is the auditor's written letter which states if the accounting…

Q: Choose the correct. In determining whether a particular operating segment is of significant size to…

A: Operating segment is a segment that is required to disclose all the information about product or…

Q: Define Disclosure notes.

A: Disclosure notes in accounting refers to the footnotes which are included in financial statements.

Q: Which basis of measurement is allowed in standard IFRS16?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: E8-13 Identifying internal controls Consider each situation separately. Identify the missing…

A: few Internal control procedures are separation of duties, physical audit of assets, standard…

Q: How are FASB preliminary views and FASB exposure drafts related to FASB “statements”?

A: Financial accounting standards board (FASB): The FASB is an independent, designated, and non-profit…

Q: In determining whether a particular operating segment is of significant size to warrant disclosure,…

A: Definition:   Operating segment: Operating segment is a segment that is required to disclose all the…

Q: What guidance does the Codification provide concerning reporting inventories above cost?

A: Inventory management: Inventory management is defined as a set of processes clearly determined for…

Q: Complete the following chart indicating the corresponding Auditing Standards Board assertions and…

A: The financial statements contain all the assertions of the management about the recorded information…

Q: What is interim reporting period? Describe about it.

A: Interim financial statements are defined as a financial report containing either a complete set of…

Q: What amounts are reported by an operating segment?

A: Segment reporting: Segment reporting aims at classifying the risks encountered by the companies in…

Q: Operating segments that do not meet any of the quantitative thresholds A. Cannot be considered…

A: Operating segment is a segment or component which is engaged in business activities and incurs…

Q: What quantitative materiality test is applied to determinewhether a segment is significant enough to…

A: Explain the quantitative materiality tests that are applied to determine whether a segment is…

Q: For segment reporting, which of the following tests must a company apply to determine which of the…

A: The Answer :

Q: According to the FASB, what is the major objective of segment reporting?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Apply the three tests that are used to determine which operating segments are of significant size to…

A: Operating segment: It is defined as providing information about the business actives with an…

Q: discuss the process of auditing the following: • Inventories • Revenues • Segment Reporting

A: Auditing is defined as the on-site verification activity of a process or quality system, such as…

Q: What disclosures are required For areas determined to be reportable operating segments?

A: Definition: Operating segment: Operating segments are different business verticals of a company that…

Q: How much is the minimum revenue for an operating segment to be classified as a reportable segment…

A: Reportable Segment: According to International Financial Reporting Standards 8, a business must…

Q: Which of the following statements about the FASB Accounting Standards Codification is false? The six…

A: FASB codification: FASB Accounting Standards Codification is the source through which the users can…

Q: Discuss the objectives of segmental information and the requirements for the disclosure of segmental…

A: Segmental information is the way of providing the overall information about the functioning and…

Q: What quantitative materiality tests are applied to determine whether a segment is significant enough…

A: Explain the quantitative materiality tests that are applied to determine whether a segment is…

Q: According to PFRS 8, there may be a practical limit to the number of reportable segments that an…

A: Solution Concept According to PFRS 8, there may be a practical limit to the number of reportable…

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: What are the segment reporting rules under the FASB, and how do they differ from the IFRS? How are t

A: Segment reporting rules under the FASB Business segment reporting breaks out a company's financial…

Q: Which of the following is true about the 10% test?

A: Company as per the standard and guideline have to report about which section or the division which…

Q: For what purpose Form 2553 is required?

A: Form 2553   By completing IRS Form 2553, Election by a Small Business Corporation, businesses…

Q: Which of the following is not required for segment reporting?     Reconciliation of reported segment…

A: Segment reporting is defined as a disclosure made by the public entities in which the financial data…

Q: ess The major IFRS requirements related to accounting for and reporting inventories are O completely…

A: IFRS are the International Financial Reporting Standards that are used for reporting financial…