AASB 8 Requires Disclosure in Relation to Which of the Following

question 16

Multiple Choice

AASB 8 requires disclosure in relation to which of the following?

• A) the basis of accounting for all segments;
• B) the nature of any difference between the measurement of the reportable segments' revenue and the entity's revenue;
• C) the nature of any difference between the measurement of the reportable segments' assets and liabilities and the entity's assets and liabilities;
• D) the nature and effect of all symmetrical allocations to reportable segments.

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Definitions:

Punch List

A document detailing work that has not been completed according to agreement or that needs to be repaired before a project can be considered finished.

Owner

The individual or entity that holds the rights, responsibilities, and risks associated with an asset or project.

Quality Audit

An independent review and examination of a project or process to evaluate its conformity to established standards, policies, and procedures.

Fixed Total Cost Contract

A type of contract where the contractor is paid a set amount for the work, regardless of the actual costs incurred.