11/17/21, 11:13 AM Segment Reporting Flashcards | Quizlet

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Segment Reporting
Terms in this set (11)

Which standards deal IFRS 8

with Segment reporting
?

What is the ASPE None

standards dealing with
Segment Reporting ?

1. The segment engages in business activities from

What is the definition of which it is may earn revenue and incur expenses

an operating segment 2. Has operating results that are regularly reviewed

(3)? by the chief operating decision maker

3. Has discrete financial information available

In which case can If the aggregation is consistent with the core

segments be principles of IFRS, meaning they have similar
aggregated into a single economic characteristics.
operating segment ?

1. Nature of the product and services

What are factors to 2. Nature of the business processes

consider in deciding to 3. Type or class of customer for their products and

amalgamate operating services

segments for reporting 4. Methods used to distribute their products or

(5) ? provide their services

5. Nature of the regulatory environment

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11/17/21, 11:13 AM Segment Reporting Flashcards | Quizlet

if any of the following is true for the segment

Under which
1. it represents 10% or more of combined revenue

circumstances should an
2. it represents 10% or more of the greater of
entity disclose a
profit(loss)

segment separately (3)?

3. It represents 10% or more of combined assets

If the total revenue reported by segments is less

than 75% of total revenue. If so, additional segments
How would an entity
must be identified even if they do not meet the
know that there are
criteria.

additional segments to
The goal of segment reporting is to understand the
be disclosed at year
entity and the activities from which it derives profit.
end ?
The segments must be able to explain most of
revenue, which is at least 90%

What is the course of - If you think it will meet the criteria again in the
action if a segment no future, keep disclosing as a segment.

longer meets the - If you think it will never be a valid segment again,
criteria for reporting ? discontinue reporting ( keep in mind 75% rules)

What is the course of Restate prior period figures to include numbers for
action if a new segment the new segment for comparative purposes.
meets the threshold
during the current
period ?

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11/17/21, 11:13 AM Segment Reporting Flashcards | Quizlet

1. Factors used to identify reportable segments

2. Judgements made in applying aggregation

criteria

3. Type of products and services from which each

What are disclosure
reportable segment derives its revenue

requirements for each

4. Information about reported profits including
segment (5) ?
specified rev, expenses, assets, liabilities and the
basis of their measurement

5. Reconciliation of the totals of segments figured

to the entity amounts

1. Country of domicile Revenues from external

customers for each product /services

2. Foreign countries Revenues from external

What are entity wide customers for each product /services. Can be
disclosures as related to combined for multiple foreign countries if
their segment reporting immaterial

? 3. Non current assets in country of domicile

4. Non current assets in foreign countries

5. Extent of reliance on major customers ( 10% or

more of rev)

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