Asked by Kajal Verma on Jun 28, 2024
Verified
Which of the following statements is incorrect? AASB 8/IFRS 8 requires external revenue by product to be disclosed on an entity wide basis by all entities to which AASB 8/IFRS 8 applies:
A) unless the information is not available and the cost to develop it would be excessive.
B) unless the information has already been provided as part of the reportable segment information.
C) and must be calculated based on the financial information used to produce the entity's financial statements.
D) unless providing such information would be considered to damage the entity's competitive advantage.
Entity Wide Basis
An approach to financial reporting that presents the aggregate information of all segments and activities of an entity.
External Revenue
The income that a company generates from its primary business activities outside of its entity, excluding internal transactions.
Competitive Advantage
The attributes that allow an organization to outperform its competitors, including cost structure, product offerings, brand, and customer service.
- Acquire knowledge on the disclosure prerequisites mandated by AASB 8/IFRS 8 for segment reporting.
Verified Answer
Learning Objectives
- Acquire knowledge on the disclosure prerequisites mandated by AASB 8/IFRS 8 for segment reporting.
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