You are the financial controller of Black Stone PLC, a listed company which prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Your managing director, who is not having a background in accounting, has requested you to clarify his questions (given below in points i & ii) concerning segment reporting, with relevant examples:
i. In which circumstance the company can able to declare a segment as reportable segment even if they do not meet the quantitative thresholds? ii. Explain the disclosure requirement on reportable operating segments.
Write a report to the managing director by explaining the IFRS 08 – Operating Segments to answer his questions.
You are the financial controller of ABC plc which prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Your managing director, who is not from finance area, has some questions related to financial reporting on small and medium enterprise (given below): i. Why do small and medium entities, need not comply with the detailed requirements of IFRS? ii. Is it true that there are different accounting rules which are available for small and medium sized entities? iii. Can ABC plc take advantage of them? Explain.
Provide answers to the questions raised by the managing director by evaluating the key points of IFRS for small and medium sized entities (SMEs).
Thispicture related of Question no. 1
This picture related of Question no. 2