[Illustrative Checklist] on Disclosure Requirement under Ind AS 108 | Operating Segments
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 15 May, 2023
Latest from Taxmann
The objective of Ind AS 108, Operating Segments, is that an entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates. This standard provides guidance for entities to identify and report information about their operating segments. An operating segment is a component of a company that engages in business activities that generate revenue and incur expenses, whose operating results are regularly reviewed by the company’s chief operating decision maker (CODM), for which discrete financial information is available. A checklist can be a useful tool to ensure that all necessary disclosures are made in accordance with Ind AS 108. Below is an illustrative checklist that entities may use to comply with Ind AS 108 requirements.
I. Has the entity disclosed information to enable users of financial statements to evaluate the nature and financial effects of the business activities in which the entity engages and the economic environments in which it operates
II. Whether reconciliations of the amounts in the balance sheet for reportable segments to the amounts in the entity’s balance sheet for each date at which a balance sheet presented is disclosed
III. Has the entity disclosed the various factors to determine an entity’s reportable segments, such as the basis of its organization, whether it’s based on product and service differences, geographical locations, regulatory environments, or a combination of such factors
IV. Has the entity’s management disclosed their judgment on the application of aggregation criteria as per para 12 of Ind AS 108, including a brief explanation of the operating segments that have been combined and the economic indicators evaluated to determine that the aggregated operating segments have similar economic characteristics
Click to Read Complete Checklist
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
