Which of the Following Statements Is Incorrect? IFRS 8 Requires

question 16

Multiple Choice

Which of the following statements is incorrect? IFRS 8 requires external revenue by product to be disclosed on an entity wide basis by all entities to which IFRS 8 applies:

• A) unless the information has already been provided as part of the reportable segment information;
• B) unless the information is not available and the cost to develop it would be excessive;
• C) and must be calculated based on the financial information used to produce the entity's financial statements;
• D) unless providing such information would be considered to damage the entity's competitive advantage.

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Definitions:

Operational Costs

Expenses associated with the day-to-day functioning of a business or organization.

Hierarchical Layers

Levels of authority and responsibility within an organization, structured in a rank order from highest to lowest.

Knowledge Worker

An individual whose primary job involves processing and working with information, as opposed to manual labor.

Product Life Cycles

The stages a product goes through from development and introduction to the market, to growth, maturity, and eventual decline.