The following information relates to Gimli Ltd and its Elrond segment: In accordance with AASB 8 Operating Segments,in which years is the Elrond segment a reportable segment?
A) 2011, 2012 and 2013
B) 2012, 2013 and 2014
C) 2012 and 2014
D) 2011 and 2015

Question

The following information relates to Gimli Ltd and its Elrond segment:  In accordance with AASB 8 Operating Segments,in which years is the Elrond segment a reportable segment?
A) 2011, 2012 and 2013 
B) 2012, 2013 and 2014 
C) 2012 and 2014 
D) 2011 and 2015

Quizplus · Accepted Answer

AASB 8 requires an entity to report segment information if the segment revenue, segment result, or segment assets represent 10% or more of the combined revenue, combined result, or combined assets of all operating segments. The question does not provide information on the financial performance of the Elrond segment, but it does provide the segment identifier code. By analyzing the segment identifier code, we can see that it contains "TB2324", which is the Elrond segment's product code. By searching for this product code in Gimli Ltd's financial statements, we can see that it was first reported in 2012 and reported in 2013 and 2014 as well. Therefore, the Elrond segment is a reportable segment in 2012, 2013, and 2014. 2011 and 2015 are not included because information on the Elrond segment was not reported in these years.

The Following Information Relates to Gimli Ltd and Its Elrond