Compared to AASB 114 Segment Reporting, AASB 8/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.

Question

Quizplus · Accepted Answer

AASB 8/IFRS 8 is less prescriptive than AASB 114 as it allows companies more flexibility in defining operating segments based on internal reports used by the chief operating decision maker.