Under IFRS 8, Certain Reconciliations, Such as Total Reportable Segment

question 21

Multiple Choice

Under IFRS 8, certain reconciliations, such as total reportable segment revenues to the entity's revenues, are required. Why are these reconciliations required?

• A)To prove that the consolidated financial statements balance
• B)To ensure that all reportable segments have been identified
• C)To show the relative contribution of each segment to the total
• D)To show how reportable segments were identified

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Definitions:

Principal Had Dealt

A legal principle indicating acts or decisions made by an agent are legally binding on the principle if the agent acts within their authority.

Agent's Functioning

The actions carried out by an agent on behalf of a principal in the course of their agency relationship.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when in a position of trust, such as between a trustee and the beneficiaries.

Act On Behalf

To take actions or make decisions as a representative or agent for another person or entity.