Question: Under what circumstances does segment reporting become mandatory? a) Only when a company has foreign operations b) When a company operates in distinctly different business areas c) When requested by shareholders d) During quarterly reporting only

Which of the following statements is true regarding interim reporting for companies that prepare their financial statements in accordance with IFRS? *         • Interim reports are required on a quarterly basis.         • Interim reports are not required for IFRS reporting.         • The discrete view is required for interim financial statements.         • Interim reports require the preparation of only a statement of earnings and a statement of financial position.

Requirement Referring to the qualitative characteristics of accounting information, indicate the fundamental characteristic (relevance or representationally faithful) and its related attribute (confirmatory value, completeness, materiality, neutrality, or predictive value) for each of the following uses of accounting information. Use of Accounting Information This year's reported earnings per share is a. $.50 below analysts' forecasts Potential creditors review a company's long- term liabilities footnote to determine that b. entity's ability to assume additional debt. A corporation discloses both favorable and unfavorable tax settlements. C. A company discloses the write-off of an accounts receivable. The receivable due from a major customer accounts for 35% of the d. company's current assets. A financial analyst computes a company's five-year average cost of goods sold in order e. to forecast next year's profit margin. ***** Fundamental Characteristic Attribute

Examine Note 4.1.1 of AF’s annual report. What accounting principles were used toprepare AF’s financial statements? Under those accounting principles, could AF’sfinancial information differ from that of a company that exactly followed IFRS aspublished by the IASB? Explain.