Compared to IAS 14 Segment Reporting, IFRS 8 Operating Segments

question 27

Multiple Choice

Compared to IAS 14 Segment Reporting, IFRS 8 Operating Segments can be described as being:

• A) more closely aligned to other accounting standards;
• B) preferred in the European Union to its predecessor;
• C) less prescriptive;
• D) less onerous in terms of disclosure.

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Definitions:

Period of a Note

The duration of time from when a promissory note is issued until it is due for repayment.

Contract Date

The specific date on which a contract is signed or becomes enforceable.

Maturity Date

The final payment date of a loan or financial instrument, at which point the principal (and all remaining interest) must be paid.

Notes Receivable

Claims against others, recorded by an entity, that are evidenced by promissory notes, indicating the others’ promises to pay specified amounts at predetermined dates.