IFRS 8 TOPIC An entity has identified the following segments of its business. There are no sales made between the different segments. Segment 4 is the corporate centre and it does not generate any revenue. All of the segments have different economic characteristics. Segment 1 has revenue of 100,000, profit of 12,000 and assets of 50,000. Segment 2 has revenue of 60,000, profit of 8,000 and assets of 25,000. Segment 3 has revenue of 10,000, a loss of 2,500 and assets of 5,000. Segment 4 has assets of 10,000 but no revenue or profit. Which, as a minimum, of the segments are reportable under IFRS 8? 1, 2 and 3 only All of them 1 and 2 only 1, 2 and 4 only
IFRS 8 TOPIC An entity has identified the following segments of its business. There are no sales made between the different segments. Segment 4 is the corporate centre and it does not generate any revenue. All of the segments have different economic characteristics. Segment 1 has revenue of 100,000, profit of 12,000 and assets of 50,000. Segment 2 has revenue of 60,000, profit of 8,000 and assets of 25,000. Segment 3 has revenue of 10,000, a loss of 2,500 and assets of 5,000. Segment 4 has assets of 10,000 but no revenue or profit. Which, as a minimum, of the segments are reportable under IFRS 8? 1, 2 and 3 only All of them 1 and 2 only 1, 2 and 4 only
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
IFRS 8 TOPIC
An entity has identified the following segments of its business. There are no sales made between the different segments. Segment 4 is the corporate centre and it does not generate any revenue. All of the segments have different economic characteristics. Segment 1 has revenue of 100,000, profit of 12,000 and assets of 50,000. Segment 2 has revenue of 60,000, profit of 8,000 and assets of 25,000. Segment 3 has revenue of 10,000, a loss of 2,500 and assets of 5,000. Segment 4 has assets of 10,000 but no revenue or profit. Which, as a minimum, of the segments are reportable under IFRS 8?
1, 2 and 3 only
All of them
1 and 2 only
1, 2 and 4 only
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education