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CA Final Ind AS 24 Related Party Disclosures and Ind AS 108 Operating Segments — practice questions

Explore 91 free Ind AS 24 Related Party Disclosures and Ind AS 108 Operating Segments questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ind AS 24 Related Party Disclosures and Ind AS 108 Operating Segments questions and exercises with answers

Showing questions 1–30 of 91.

Which is a characteristic of an operating segment under Ind AS 108?Read the answer and worked solution →The chief operating decision maker in Ind AS 108 is best described as:Read the answer and worked solution →Which of these may not be an operating segment?Read the answer and worked solution →Are post-employment benefit plans operating segments under Ind AS 108?Read the answer and worked solution →Can a start-up unit with no revenue yet be an operating segment?Read the answer and worked solution →In a matrix organisation with product and geographic managers, how are the segments chosen?Read the answer and worked solution →A segment's revenue must be at least what share of combined segment revenue to be reportable?Read the answer and worked solution →Combined revenue of all operating segments is Rs 800 lakh. Minimum segment revenue for the revenue test?Read the answer and worked solution →Profits total Rs 240 lakh, losses Rs 310 lakh. Profit test threshold?Read the answer and worked solution →Total segment assets are Rs 2,500 lakh. A segment holds Rs 260 lakh:Read the answer and worked solution →A segment meets only the profit test. Is it reportable?Read the answer and worked solution →Entity revenue Rs 1,000 lakh; segments cover Rs 700 lakh. What follows?Read the answer and worked solution →Revenue Rs 400 lakh; segments cover Rs 310 lakh. More segments needed?Read the answer and worked solution →How are non-reportable segments shown in reconciliations?Read the answer and worked solution →A segment fails thresholds now but is still significant. Result?Read the answer and worked solution →A segment newly crosses a threshold. How are comparatives treated?Read the answer and worked solution →At roughly how many reportable segments should an entity consider if a practical limit is reached?Read the answer and worked solution →With consolidated and separate statements, where is segment data needed?Read the answer and worked solution →How may an entity outside Ind AS 108 label voluntary segment data?Read the answer and worked solution →Ind AS 108 requires segment profit or loss to be reported on which basis?Read the answer and worked solution →When must segment liabilities be reported?Read the answer and worked solution →A reportable segment earns mostly interest and the CODM relies on net interest. How may interest be shown?Read the answer and worked solution →Which item must be reconciled to the entity amount under Ind AS 108?Read the answer and worked solution →Segment profit is reconciled to entity profit before what?Read the answer and worked solution →Reportable segments change after reorganisation. Earlier periods?Read the answer and worked solution →If earlier periods are not restated after a segment change, what must be shown in that year?Read the answer and worked solution →Do entity-wide disclosures apply to an entity with only one reportable segment?Read the answer and worked solution →Which entity-wide disclosure concerns products and services?Read the answer and worked solution →Geographical revenue is split between which two groups?Read the answer and worked solution →Which asset is excluded from geographical non-current assets disclosure?Read the answer and worked solution →

Worked practice questions

Which is a characteristic of an operating segment under Ind AS 108?

  1. It has audited accounts
  2. It is a separate company
  3. CODM regularly reviews results
  4. It earns external sales
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Correct answer: C. CODM regularly reviews results

An operating segment's results are regularly reviewed by the CODM to allocate resources and assess performance.

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The chief operating decision maker in Ind AS 108 is best described as:

  1. A function, not a fixed title
  2. Always the CEO alone
  3. Always the board chairman
  4. Always the lead auditor
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Correct answer: A. A function, not a fixed title

The CODM identifies a function of allocating resources and assessing segment performance, not a specific title.

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Which of these may not be an operating segment?

  1. A product division
  2. A corporate head office
  3. A regional business unit
  4. A unit with its manager
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Correct answer: B. A corporate head office

A corporate headquarters may not earn revenues, or only incidental ones, so it is not an operating segment.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd AS 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment PropertyInd AS 103 Business Combinations