A Company Is Not Required to Follow a Specific Format

question 122

True/False

A company is not required to follow a specific format in making the disclosures for its segments but FASB encourages the most useful format for its specific circumstances.

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Definitions:

Performance System

An organized framework or method designed to assess, monitor, and enhance the performance of individuals or groups within an organization.

Job Re-Evaluation

The process of assessing and possibly modifying the importance, complexity, or value of a job in an organization, often to ensure fairness and accuracy in compensation.

Civil Service Organizations

Public sector entities that administer government policy and deliver public services directly to citizens.

Classification/Grading

The process of categorizing jobs within an organization based on duties, responsibilities, and the level of complexity.