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    Pfrs 8 - Operating Segment Pas 34 - Interim Financial Reporting

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    Kent Raysil Pamaong
    This document summarizes accounting standards for operating segments and interim financial reporting. It outlines requirements for identifying reportable operating segments, including quantitative and qualitative tests. It also describes the components of interim financial statements, accounting policies for expenses, income taxes, and other costs in interim reporting periods. The key information provided includes identifying reportable segments based on asset, revenue, and profit tests, condensed financial statements for interim periods, and accounting for expenses, income taxes, and other costs between interim periods.

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    Pfrs 8 - Operating Segment Pas 34 - Interim Financial Reporting

    Uploaded by

    Kent Raysil Pamaong
    25 views1 page
    This document summarizes accounting standards for operating segments and interim financial reporting. It outlines requirements for identifying reportable operating segments, including quantitative and qualitative tests. It also describes the components of interim financial statements, accounting policies for expenses, income taxes, and other costs in interim reporting periods. The key information provided includes identifying reportable segments based on asset, revenue, and profit tests, condensed financial statements for interim periods, and accounting for expenses, income taxes, and other costs between interim periods.

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    Week 2 - FAR 6806

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    This document summarizes accounting standards for operating segments and interim financial reporting. It outlines requirements for identifying reportable operating segments, including quantitative and qualitative tests. It also describes the components of interim financial statements, accounting policies for expenses, income taxes, and other costs in interim reporting periods. The key information provided includes identifying reportable segments based on asset, revenue, and profit tests, condensed financial statements for interim periods, and accounting for expenses, income taxes, and other costs between interim periods.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    25 views1 page

    Pfrs 8 - Operating Segment Pas 34 - Interim Financial Reporting

    Uploaded by

    Kent Raysil Pamaong
    This document summarizes accounting standards for operating segments and interim financial reporting. It outlines requirements for identifying reportable operating segments, including quantitative and qualitative tests. It also describes the components of interim financial statements, accounting policies for expenses, income taxes, and other costs in interim reporting periods. The key information provided includes identifying reportable segments based on asset, revenue, and profit tests, condensed financial statements for interim periods, and accounting for expenses, income taxes, and other costs between interim periods.

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    FAR 6806 – OPERATING SEGMENT PAS 34 - INTERIM FINANCIAL REPORTING

    AND INTERIM REPORTING - preparation and presentation of FS for less than a


    PFRS 8 - OPERATING SEGMENT year
    – component of an entity: - under accounting standards, entities are not
    1. Earns revenue and incur expenses related to required to prepare interim FS but may be required
    business activities by regulatory bodies such as SEC
    2. Component whose results are reviewed by - no change in accounting policies and principles, the
    chief operating decision maker (CODM) same
    CODM – assess performance and allocates COMPONENTS OF INTERIM FINANCIAL REPORT
    resources 1. Condensed statement of financial position
    3. Discrete financial information is available 2. Condensed statement of comprehensive
    WHEN IS A SEGMENT REPORTABLE? income
    1. Quantitative requirements (any of the 3) 3. Condensed statement of changes in equity
    a. Asset test – asset of operating segment is 4. Condensed statement of cash flows
    10% or more of total assets of all 5. Selected explanatory notes
    operating segments Publishing a complete set of FS is also allowed
    b. Revenue test (internal and external) – EXPENSES
    revenue of operating segment is 10% or 1. Depreciation & amortization – basis are the
    more of total revenue of all operating assets owned as of the interim period
    segments 2. Uneven costs – recognized uneven cost if
    c. Profit and loss test – P/L of operating proper to record at year end
    segment is 10% or more of the greater in 3. Bonus – recognized if at year end there is
    absolute amount between: legal/constructive obligation to pay and the
    a. Combined profit of all operating amount can be reliably measured
    segments 4. Estimates – cumulative
    b. Combined loss of all operating 5. Taxes, insurance premiums – allocated to the
    segments periods benefited
    2. Qualitative requirement – used when 6. Gains/losses, advertising – not allocated but
    management believes segment information is recorded as incurred.
    relevant even without satisfying the INCOME TAX – cumulative based on effective tax rate
    quantitative criteria at year end shall be applied to the pretax income of
    3. Other quantitative thresholds – the interim period
    a. 75% of external revenue tests
     Total external revenue of reportable
    segment should be at least 75% of the
    external revenue of all operating
    segments
    b. Major costumer – disclosure requirements
     Major costumer is a single external
    customer providing revenue which
    amounts to 10% or more of external
    revenue

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