Compared to AASB 114 Segment Reporting, AASB 8/IFRS 8 Operating

question 4

Multiple Choice

Compared to AASB 114 Segment Reporting, AASB 8/IFRS 8 Operating Segments can be described as:

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

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Definitions:

Price Elastic

Price elastic describes how the quantity demanded of a good or service changes in response to a change in its price.

Income Portion

The part of an individual's or household's income that is allocated for various types of spending or saving.

Close Substitutes

Goods or services that can easily replace each other in consumption due to their similar characteristics.

Families' Budgets

Financial plans created by families to manage their income, expenses, savings, and investments over a specific period.