You 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.
You 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You 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.
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