In accordance with AASB 8"Operating Segments",which of the following statements is incorrect?
A) The standard requires an entity to report financial and descriptive information about its reportable segments.
B) Reportable segments are operating segments or aggregations of operating segments that meet specified criteria.
C) The standard requires an entity to report a measure of operating segment profit or loss and of segment assets.
D) Reportable segments exclude business activities for which it has yet to earn revenues (e.g. start-up operations).
E) None of the given answers

Question

Quizplus · Accepted Answer

This statement is incorrect as reportable segments can include business activities for which revenues have not yet been earned, such as start-up operations. The standard requires an entity to identify and report on all operating segments, regardless of revenue earned, as long as they meet specified criteria.

In Accordance with AASB 8"Operating Segments",which of the Following Statements