Interim Reporting and Operating Segments Flashcards
1
Q
Is interim reporting required?
A
NO (optional only)
2
Q
Public entities are encouraged to prepare atleast
A
semiannually
3
Q
Revenue Test (Reportable Segment)
A
10% of Total Revenue (Internal + External)
4
Q
Asset Test (Reportable Segment)
A
10% of Total Assets
5
Q
Profit or Loss Test (Reportable Segment)
A
10% of Higher Between
- Absolute value of Profit
- Absolute value of Loss
6
Q
Profit or Loss Test (Reportable Segment)
A
10% of Higher Between
- Absolute value of Profit
- Absolute value of Loss
7
Q
75% Threshold (Reportable Segment)
A
external revenue of segment > 75% of Total external revenue
if below 75%, add segments until met
8
Q
Additional Disclosure : Major Customer
A
10% of Total External Revenue
