Corporate Reporting Essay

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ASSIGNMENT SUBMISSION SHEET Course Title: BSC (Hons) in Accounting and Finance Module Title: CORPORATE REPORTING Team Members: 1. LEE KEE TAR, UB: 11034518 2. JULIANA BTE ABDUL RAHMAN, UB: 11034517 3. VITHIA SUBRAMANIAM, UB: 11034521 4. ANG MING LIANG, UB: 12038344 Title: SEGMENT DISCLOSURE ARE WIDELY REGARDED AS SOME OF THE MOST USEFUL DISCLOSURE IN FINANCIAL REPORTS BECAUSE OF THE EXTENT TO WHICH THEY DISAGGREGATE FINANCIAL IMFORMATION INTO MEANINGFUL AND OFTEN REVEALING GROUPS.DISCUSS Word Count: 2554 Lecturer: MR LIM KAIM SOON Batch number: BAFE1 1232A SUBMISSION DATE: 24th NOVEMBER 2014 TABLE OF CONTENT Executive Summary 1a Discuss the…show more content…
According to IFRS 8 (para.11) “An entity shall report separately information about each operating segment that has been identified or that results from aggregating two or more of those operating segments according to para. 12 of IFRS 8 if each operating segment of the operating segments exceeds the quantitative threshold. To summarize, operating segments which fulfils with the aggregation criteria and meet the quantitative thresholds are externally reportable segments. Required disclosures include: S/N Required Disclosures Section 1 general information about how the entity identified its operating segments and the types of products and services from which each operating segment derives its revenues [IFRS 8.22] 2 Judgments made by management in applying the aggregation criteria to allow two or more operating segments to be aggregated [IFRS 8.22(aa)] 3 information about the profit or loss for each reportable segment, including certain specified revenues* and expenses* such as revenue from external customers and from transactions with other segments, interest revenue and expense, depreciation and amortisation, income tax expense or income and material non-cash items [IFRS 8.21(b) and 23] 4 A measure of total assets* and total liabilities* for each reportable segment, and the amount of investments in associates and joint ventures and the
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