Question: Under what circumstances does segment reporting become mandatory? a) Only when a company has foreign operations b) When a company operates in distinctly different business areas c) When requested by shareholders d) During quarterly reporting only
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- Which of the following statements is true regarding interim reporting for companies that prepare their financial statements in accordance with IFRS? * • Interim reports are required on a quarterly basis. • Interim reports are not required for IFRS reporting. • The discrete view is required for interim financial statements. • Interim reports require the preparation of only a statement of earnings and a statement of financial position.Requirement Referring to the qualitative characteristics of accounting information, indicate the fundamental characteristic (relevance or representationally faithful) and its related attribute (confirmatory value, completeness, materiality, neutrality, or predictive value) for each of the following uses of accounting information. Use of Accounting Information This year's reported earnings per share is a. $.50 below analysts' forecasts Potential creditors review a company's long- term liabilities footnote to determine that b. entity's ability to assume additional debt. A corporation discloses both favorable and unfavorable tax settlements. C. A company discloses the write-off of an accounts receivable. The receivable due from a major customer accounts for 35% of the d. company's current assets. A financial analyst computes a company's five-year average cost of goods sold in order e. to forecast next year's profit margin. ***** Fundamental Characteristic AttributeExamine Note 4.1.1 of AF’s annual report. What accounting principles were used toprepare AF’s financial statements? Under those accounting principles, could AF’sfinancial information differ from that of a company that exactly followed IFRS aspublished by the IASB? Explain.
- Which statement is true about major customer disclosure? a. A major customer is defined as one providing revenue which amounts to 10% or more of combined external revenue of all operating segments b. The identities of major customers need not be disclosed c. The entity shall disclose the total amount of revenue from major customers d. All of the choices are true about major customer disclosuresEntities should disclose all of the following in interim financial report, except: a. Basic and diluted earnings per share b. Change in accounting policy c. Events after the end of reporting period d. Seasonal revenue, cost or expensesYou are the financial controller of Black Stone PLC, a listed company which prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Your managing director, who is not having a background in accounting, has requested you to clarify his questions (given below in points i & ii) concerning segment reporting, with relevant examples:i. In which circumstance the company can able to declare a segment as reportable segment even if they do not meet the quantitative thresholds? Explain the disclosure requirement on reportable operating segments.
- 1. Companies present sufficient financial information so the creditors and reasonably prudent investor will not be misled. 2. Companies listed on the philippine stock exchange report audited financial information annually and report unaudited information quarterly. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answersAnswer with explanation & give short summaryGive explanation of Question
- IFRS requires companies to use which method for reporting changes in accounting policies? a. Cumulative effect approach. b. Retrospective approach. c. Prospective approach. d. Averaging approach.in the uniteUnited states the issuance of a new accounting standard by the FASB is preceedepreceded by a lengthy public discussion sometimes, companies need accounting guidance NOW for new issues as they arise. Which organization did the FASB establish to provide temporary, immediate guidance on these new issues as they arise?Which statement is true about Accrual-basis accounting based on the multiple statement below?: a) results in companies recording transactions that change a company's financial statements in the period in which events occur b) has been eliminated as a result of the IASB/FASB joint project on revenue recognition c) is not consistent with the IASB conceptual framework d) is optional under IFRS