AASB 8 requires entities to disclose information to enable users of its financial statements to:
A) ensure management is using the resources efficiently.
B) evaluate the nature and financial effects of the business activities the entity is engaged in.
C) better understand the geographical areas.
D) determine the liabilities relating to finance leases.

Question

Quizplus · Accepted Answer

AASB 8 requires entities to disclose information about the nature and financial effects of the business activities the entity is engaged in. This includes information about the entity's operating segments, products and services, and geographical areas in order to enable users to make informed decisions about the entity's performance and prospects. The other choices are not specifically required under AASB 8.

AASB 8 Requires Entities to Disclose Information to Enable Users