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:

First Time

Refers to an event or measurement taken for the first time, often signifying a new milestone or initial occurrence within a specific context.

Preparing

The act of making something ready for use or consideration, often in the context of assembling financial statements or reports.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that aims to make international financial reporting more uniform.

SMEs

Small and medium-sized enterprises, which are businesses with a limited number of employees and revenue falling below certain thresholds according to local country standards.