AASB 8 Does Not Require Disclosure of a Reportable Segment

question 40

True/False

AASB 8 does not require disclosure of a reportable segment if a segment is mainly transacting with related parties.

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Definitions:

Equipment

Tangible assets used in the operation or production process of a business, ranging from office supplies to heavy machinery.

Service Provider

An entity or person that provides services to other parties for compensation.

Product-Dominated Offerings

Products or services that are defined and valued primarily by their features or attributes rather than customer needs or outcomes.

Neckties

A strip of cloth worn around the neck and tied in the front, often as part of formal or professional attire.