Which of the following statements is correct?

A) AASB 8 requires additional disclosures about any reliance on major customers.
B) AASB 8 requires an entity to identify primary and secondary segments.
C) AASB 8 requires that the majority of a segment's revenue be from external sources in order for it to be identified as a reportable segment.
D) AASB 8 requires that the amount of each segment item reported be the measure determined in accordance with the entity's IFRS accounting policies.

Question

Which of the following statements is correct?

A) AASB 8 requires additional disclosures about any reliance on major customers.
B) AASB 8 requires an entity to identify primary and secondary segments.
C) AASB 8 requires that the majority of a segment's revenue be from external sources in order for it to be identified as a reportable segment.
D) AASB 8 requires that the amount of each segment item reported be the measure determined in accordance with the entity's IFRS accounting policies.

Quizplus · Accepted Answer

AASB 8 requires entities to disclose information about their reliance on major customers if revenues from a single customer amount to 10% or more of the entity's total revenues.

Which of the Following Statements Is Correct