Question

Which of the following are established by ASC 280 as "enterprisewide disclosure" standards to provide more information about the risks to a company?
I. Information about dominant industry segments.
II. Information about major customers.
III. Information about geographic areas.
A. Both II and III
B. I, II, and III
C. Both I and II
D. Both I and III

Answer 1

Answer:

A. Both II and III

Explanation:

As the major customers information and the geographic areas information would be created by the ASC 280 as disclosure of enterprise wide standard that provide the information more related to the company risk. Also it is needed to the public entities to disclose the information with respect to the operating segments i.e. reportable in the finished financial statements set

Therefore the correct option is A.