Refer to E 321. Required: How might your answers differ if Canton Corporation prepares its segment disclosure

Question:

Refer to E 3–21.
Required:
How might your answers differ if Canton Corporation prepares its segment disclosure according to International Financial Reporting Standards?

E 3–21

Segment Revenues Assets Net Income Pharmaceuticals $2,000 $1,000 $200 Plastics 3,000 1,500 270 Farm equipment 2,500 1,250 320 Electronics 500 250 40 Total company $8,000 $4,000 $830

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...