Question 1

The following criteria are the key decision points in identifying an entity's component as an operating segment, except for:

Accepted Answer

A)  the component's manager is part of the CODM; 
B)  discrete financial information are available for the component; 
C)  the component is able to generate revenue and incur expenses from its business activities; 
D)  the component's operating results are regularly reviewed by the CODM. 
A)  the component's manager is part of the CODM; 
B)  discrete financial information are available for the component; 
C)  the component is able to generate revenue and incur expenses from its business activities; 
D)  the component's operating results are regularly reviewed by the CODM.

Question 2

Complete the following sentence: IFRS 8 Operating Segments is applicable for financial reporting periods _____ on or after 1 January 2009. Early adoption is _______.

Accepted Answer

A)  ending, not permitted; 
B)  ending, permitted; 
C)  beginning, not permitted; 
D)  beginning, permitted. 
A)  ending, not permitted; 
B)  ending, permitted; 
C)  beginning, not permitted; 
D)  beginning, permitted.

Question 3

Under IFRS 8 all entities to which the standard applies are required to disclose:

Accepted Answer

A)  a reconciliation of total segment expenses to total consolidated expenses; 
B)  factors used to identify all segments; 
C)  the basis of accounting for any transactions between reportable segments; 
D)  a measure of segment liabilities. 
A)  a reconciliation of total segment expenses to total consolidated expenses; 
B)  factors used to identify all segments; 
C)  the basis of accounting for any transactions between reportable segments; 
D)  a measure of segment liabilities.

Question 4

Which of the followings are the requirements under IFRS 8? $$\begin{array} { | l | l | l | l | } 
\hline \text { I. } & \begin{array} { l } 
\text { Identifying primary and } \
\text { secondary segments. }
\end{array} & \text { IV. } & \begin{array} { l } 
\text { ldentifying aperating segments based on } \
\text { predominant sources of risks and returns. }
\end{array} \
\hline \text { II. } & \begin{array} { l } 
\text { Disclasure of reliance on major } \
\text { external customers. }
\end{array} & \text { V. } & \begin{array} { l } 
\text { Preparing segment information in conformity with } \
\text { accounting policies for preparing financial } \
\text { statements. }
\end{array} \
\hline \text { III. } & \begin{array} { l } 
\text { Disclosure of a measure of } \
\text { profit or loss and tatal assets. }
\end{array} & \text { VI. } & \begin{array} { l } 
\text { Does nat distinguish between revenues and } \
\text { expenses from internal and external customers. }
\end{array} \
\hline
\end{array}$$ Leaning Objective 18.4 Briefly compare IFRS 8 with its predecessor standard IAS 14.

Accepted Answer

A)  I, II, III. 
B)  II, IV, VI. 
C)  I, III, V. 
D)  II, III, VI. 
A)  I, II, III. 
B)  II, IV, VI. 
C)  I, III, V. 
D)  II, III, VI.

Question 5

Which of the following statements is correct about the controversial issues surrounding IFRS 8?

Accepted Answer

A)  The management approach adopted in IFRS 8 was argued to put preparers' needs ahead of users' needs. 
B)  Despite the objections from different parties, all IASB board members at the time unanimously agreed that IFRS 8 should replace IAS 14. 
C)  The European Parliament was not able to endorse IFRS 8 due to strong oppositions from European countries. 
D)  The proponents of IAS 14 argued that IFRS 8 contains too many mandatory disclosure requirements compared to IAS 14. 
A)  The management approach adopted in IFRS 8 was argued to put preparers' needs ahead of users' needs. 
B)  Despite the objections from different parties, all IASB board members at the time unanimously agreed that IFRS 8 should replace IAS 14. 
C)  The European Parliament was not able to endorse IFRS 8 due to strong oppositions from European countries. 
D)  The proponents of IAS 14 argued that IFRS 8 contains too many mandatory disclosure requirements compared to IAS 14.

Question 6

Which of the following information is not required to be disclosed by entities complying with IFRS 8?

Accepted Answer

A)  the identity of external customers from which the entity earns at least 10% of its revenue; 
B)  the total of the reportable segments' liabilities to the entity's liabilities; 
C)  the nature and effect of the changes in measurement of segment profit or loss; 
D)  revenues from external customers located in foreign countries. 
A)  the identity of external customers from which the entity earns at least 10% of its revenue; 
B)  the total of the reportable segments' liabilities to the entity's liabilities; 
C)  the nature and effect of the changes in measurement of segment profit or loss; 
D)  revenues from external customers located in foreign countries.

Question 7

Compared to IAS 14 Segment Reporting, IFRS 8 Operating Segments can be described as being:

Accepted Answer

A)  more closely aligned to other accounting standards; 
B)  preferred in the European Union to its predecessor; 
C)  less prescriptive; 
D)  less onerous in terms of disclosure. 
A)  more closely aligned to other accounting standards; 
B)  preferred in the European Union to its predecessor; 
C)  less prescriptive; 
D)  less onerous in terms of disclosure.

The following criteria are the key decision points in identifying an entity's component as an operating segment, except for:

Complete the following sentence: IFRS 8 Operating Segments is applicable for financial reporting periods _ on or after 1 January 2009. Early adoption is ___.

Under IFRS 8 all entities to which the standard applies are required to disclose:

Which of the following statements is correct about the controversial issues surrounding IFRS 8?

Which of the following information is not required to be disclosed by entities complying with IFRS 8?

Compared to IAS 14 Segment Reporting, IFRS 8 Operating Segments can be described as being:

The Iasb and Its Conceptual Framework

Owners Equity: Share Capital and Reserves

Fair Value Measurement

Revenue From Contracts With Customers

Provisions, Contingent Liabilities and Contingent Assets

Financial Instruments

Share-Based Payment

Inventories

Employee Benefits

Leases

Impairment of Assets

Financial Statement Presentation

Statement of Cash Flows

Other Key Notes Disclosures

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Translation of the Financial Statements of Foreign Entities

Agriculture

Associates and Joint Ventures

Joint Arrangements

Revenue From Contracts With Customers

Financial Instruments

Financial Instruments

Share-Based Payment

Exploration for and Evaluation of Mineral Resources

Filters

Exam 14: Operating Segments

The following criteria are the key decision points in identifying an entity's component as an operating segment, except for:

Complete the following sentence: IFRS 8 Operating Segments is applicable for financial reporting periods _____ on or after 1 January 2009. Early adoption is _______.

Under IFRS 8 all entities to which the standard applies are required to disclose:

Which of the following statements is correct about the controversial issues surrounding IFRS 8?

Which of the following information is not required to be disclosed by entities complying with IFRS 8?

Compared to IAS 14 Segment Reporting, IFRS 8 Operating Segments can be described as being:

The Iasb and Its Conceptual Framework

Owners Equity: Share Capital and Reserves

Fair Value Measurement

Revenue From Contracts With Customers

Provisions, Contingent Liabilities and Contingent Assets

Financial Instruments

Share-Based Payment

Inventories

Employee Benefits

Leases

Impairment of Assets

Financial Statement Presentation

Statement of Cash Flows

Other Key Notes Disclosures

Consolidation: Controlled Entities

Consolidation: Wholly Owned Subsidiaries

Consolidation: Intragroup Transactions

Translation of the Financial Statements of Foreign Entities

Agriculture

Associates and Joint Ventures

Joint Arrangements

Revenue From Contracts With Customers

Financial Instruments

Financial Instruments

Share-Based Payment

Exploration for and Evaluation of Mineral Resources

Filters

Complete the following sentence: IFRS 8 Operating Segments is applicable for financial reporting periods _ on or after 1 January 2009. Early adoption is ___.