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.

Question

Quizplus · Accepted Answer

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, unless providing such information would be considered to damage the entity's competitive advantage. This exception is included because disclosing revenue by product on an entity-wide basis may reveal sensitive information about an entity's product mix or pricing strategy.

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