The disclosure of information about products and services, geographical locations and major customers is required under...

The disclosure of information about products and services, geographical locations and major customers is required under AASB8 Operating segments. Why is this information beneficial to users of financial statements? Why are the disclosures under this standard less prescriptive than other standards in accounting?

Expert Solution

The disclosure of information about products and services, geographical locations and major customers is required under AASB8 Operating segments. This information beneficial to users of financial statements as it allows the users to examine the entitiesoperation through the eyes of management.

It enable users of its financial statements to evaluate the nature and financial effects of the different business activities in which it engages and the economic environments in which it operates.

It enables the users to know in which sector and location the entity operates.

The disclousure under AASB-8 is less prescriptive the other accounting standards because it requires disclosure of financial number relating to the reportable segments only. It does not disclose the financial numbers for all the segment .

This Standard is not applicable to all the entities.

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ekkarill92 answered 1 year ago

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