Which of the Following Statements Is Incorrect? AASB 8/IFRS 8

question 4

Multiple Choice

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

Tradeoff

The balance achieved between two desirable but incompatible features; a compromise.

Prosocial Behavior

Actions intended to benefit others, including helping, sharing, donating, co-operating, and volunteering.

Less Prone

Having a reduced likelihood or susceptibility to something.

Prisoner's Dilemma Game

A concept in game theory where two individuals acting in their own self-interest do not produce the optimal outcome for either party.