Segment Reporting

Question 1

Segment must only meet one test to require separate reporting. What are the tests?

Answer 1

Revenue test
Profitability test
Asset test

Question 2

Asset test

Answer 2

If it’s assets are 10% or more of the combined assets of all operating segments

Question 3

Revenue test

Answer 3

If its revenue is 10% or more of the combined revenue of all operating segments

Question 4

Profitability test

Answer 4

If the absolute amount of its reported profit or loss is 10% or more of the greater, in absolute terms, of:

The combined reporting profit of all operating segments that did not report a loss

Or

The combined reported loss of all operating segments that did report a loss