Santos Ltd has 3 business segments: Gold, Copper and Silver. The business segment information for the year
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Question:
Santos Ltd has 3 business segments: Gold, Copper and Silver. The business segment information for the year ended 30 June 2022 is given as follows:
| Revenue($) | Profit/(Loss)($) | Asset | |
| Gold | 2,240,000 | 420,000 | 3,000,000 |
| Copper | 982,000 | (30,000) | 350,000 |
| Silver | 118,000 | (70,000) | 450,000 |
| Total | 3,340,000 | 320,000 | 3,800,000 |
Required:
a) Calculate the reporting thresholds for revenue, results and assets according to AASB 8 Operating Segments. Show all your workings. A table is not required.
b) Using your calculations in a) above, discuss which segments are reportable operating segments and explain the reason why, according to AASB 8 Operating Segments. Provide an overall conclusion in your answer.
c) Calculate and explain whether the 75% revenue benchmark test has been satisfied.
Expert Answer:
a Reporting Thresholds for Revenue Results and Assets Revenue 10 of total revenue 10 x ... View the full answer
Related Book For 
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
