Unit 9 Final Project.
ASC follows a management approach in which segments are based on the way that management disaggregates the enterprise for making operating decisions; these are referred to as operating segments.
Operating segments are components of an enterprise which meet three criteria. Engage in business activities and earn revenues and incur expenses.
Operating results are regularly reviewed by the chief operating decision-maker to assess performance and make resource allocation decisions. Once operating segments have been identified, three quantitative threshold tests are then applied to identify segments of sufficient size to warrant separate disclosure.
Any segment meeting even one of these tests is separately reportable. Revenue test—segment revenues, both external and intersegment, are 10 percent or more of the combined revenue, external and intersegment, of all reported operating segments. Profit or loss test—segment profit or loss is 10 percent or more of the greater in absolute terms of the combined reported profit of all profitable segments or the combined reported loss of all segments incurring a loss.
Asset test—segment assets are 10 percent or more of the combined assets of all operating segments. Several general restrictions on the presentation of operating segments exist.
Separately reported operating segments must generate at least 75 percent of total sales made by the company to outside parties. Ten is suggested as the maximum number of operating segments that should be separately disclosed. If more than ten are reportable, the company should consider combining some operating segments.
Information to be disclosed by operating segment.
General information about the operating segment including factors used to identify operating segments and the types of products and services from which each segment derives its revenues. Segment profit or loss and the following components of profit or loss.
Revenues from external customers. Revenues from transactions with other operating segments. Interest revenue and interest expense reported separately. Depreciation, depletion, and amortization expense. Other significant noncash items included in segment profit or loss.
Unusual items and extraordinary items. Income tax expense or benefit.
Total segment assets and the following related items. Investment in equity method affiliates. Expenditures for additions to long-lived assets. Information about products and services. Additional information must be provided if operating segments have not been determined based on differences in products and services, or if the enterprise has only one operating segment.
In those situations, revenues derived from transactions with external customers must be disclosed by product or service. Information about geographic areas. Revenues from external customers and long-lived assets must be reported for a the domestic country, b all foreign countries in which the enterprise has assets or derives revenues, and c each individual foreign country in which the enterprise has material revenues or material long-lived assets.
Information about major customers. The volume of sales to a single customer must be disclosed if it constitutes 10 percent or more of total sales to unaffiliated customers. The identity of the major customer need not be disclosed. IFRS 8 requires disclosure of total assets and total liabilities by operating segment if these are regularly reported to the chief operating decision maker.
GAAP requires disclosure of segment assets but does not require disclosure of segment liabilities. GAAP requires an entity with a matrix form of organization to determine operating segments based on products and services. IFRS 8 allows such an entity to determine operating segments based on either products and services or geographic areas.
To provide investors and creditors with more timely information than is provided by an annual report, the U. Securities and Exchange Commission SEC requires publicly traded companies to provide financial statements on an interim quarterly basis.
Quarterly statements need not be audited. Generally, interim statements should be prepared following the same accounting principles and practices used in the annual statements.
However, several items require special treatment for the interim statements to better reflect the expected annual amounts. Revenues are recognized for interim periods in the same way as they are on an annual basis. Costs incurred in one interim period but associated with activities or benefits of multiple interim periods such as advertising and executive bonuses should be allocated across interim periods on a reasonable basis through accruals and deferrals.View Ethical-issues-in-Erin-Brockovich from BSA at University of the Philippines Diliman.
BUSINESS ETHICS CIA MOVIE: ERIN BROCKOVICH What ethical issues have been highlighted in the Advanced Accounting Chapter 12 pdf Cost accounting solutions by pedro guerrero Tricias Compilation for cost.
Brase understandable statistics advanced placement edition ninth edition Kerala Psc Last Grade Questions And Answers In Malayalam Mp3 Transition Essays On Contemporary Literature Essay Index Reprint Series Myofascial Manipulationtheory And Clinical Application Advanced Accounting Guerrero Solutions Manual Microelectronic Packaging A.
Advanced Accounting Assignment Help regardbouddhiste.comedExperienced experts with best quality and cheapest price. Send us Advanced accounting assignment help - Receive an A+ grade even for the hardest writings.
Read and Download Advanced Accounting 1 By Guerrero Solution Manual Free Ebooks in PDF format ADVANCED ACCOUNTING ADVANCED ACCOUNTING ADVANCED ACCOUNTING ADVANCED.
Answer in Chapter 1 of Advanced Accounting by Guerrero; Answer in Chapter 1 of Advanced Accounting by Guerrero. Words Oct 6th, 9 Pages. Partnership – Basic Considerations and Formation 1 CHAPTER 1 MULTIPLE CHOICE ANSWERS AND SOLUTIONS Essay Advanced Accounting Case 1. Inventory and Cost of Goods Sold by Whittington and Pany Essay Questions.
In auditing a client's inventory, the auditors must be concerned with the detection of goods that are both damaged and obsolete. Cost Accounting by Raiborn; Advanced Accounting by Guerrero Vol 1 and 2; Reviewer for Auditing Theory; Auditing, Attestation, and.