A Difference Between the Segment Disclosures Required by IFRS and GAAP

question 10

Multiple Choice

A difference between the segment disclosures required by IFRS and GAAP is that

• A)under GAAP each segment's liabilities must be disclosed under certain circumstances, while under IFRS liabilities by segment need not be disclosed
• B)under IFRS each segment's cash balances must be disclosed under certain circumstances, while under GAAP cash balances by segment need not be disclosed
• C)under IFRS each segment's total assets must be disclosed under certain circumstances, while under GAAP total assets by segment need not be disclosed
• D)under IFRS each segment's liabilities must be disclosed under certain circumstances, while under GAAP liabilities by segment need not be disclosed

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Definitions:

Communicate

The process of sharing information, ideas, or feelings between individuals or groups, through various means such as speech, writing, or electronic media.

Broadcast Media

Platforms such as television and radio that disseminate information, news, and entertainment to a wide audience through electromagnetic waves.

Regulations

Rules and guidelines issued by governmental agencies for the purpose of controlling or governing certain practices or activities within society.

Ownership

The legal right to possess, use, and dispose of something, such as property or intellectual property.