skender Corporation is a Turkish conglomerate with operations located throughout Europe and the Middle East. The company recently adopted International Financial Reporting Standards and has prepared disclosures to comply with IFRS 8, Operating Segments. Information related to revenues.
Operating Segments Total Revenues Countries Sales to
External Customers
Automotive . . . . . . . . . . . . . 23,093 Turkey 28876
Food . . . . . . . . . . . . . . . . . . 22,875 Germany 18765
Retail . . . . . . . . . . . . . . . . . . 13,987 Bulgaria 12076
Finance . . . . . . . . . . . . . . . . 7,895 Russia 9897
Consumer durable . . . . . . . . 7,182 Italy 7654
Energy . . . . . . . . . . . . . . . . . 6642 Iraq 6757
Real estate. . . . . . . . . . . . . . 5,400 Uzbekistan 3049
Total . . . . . . . . . . . . . . . . 87,074 87074
Based upon this information, Iskender prepares the following note to comply with IFRS 8
Note 30: Segment Reporting (amounts in millions of Turkish Lira)
Operating Segments Automotive Food Retail other
External sales . . . . . . . ………. 21,678 19,781 13,987 22,397
Profit (loss). . . . . . . . . ………. 4,076 2,007 3,467 5,563
Depreciation . . . . . ………… 222 135 142 456
Total assets . . . . . . . . ………. 18,874 20,765 9,654 20,765
Capital expenditures . ………. 367 228 195 513
Equity method investments . . . . . . 398 0- 0 678
Geographic Areas Turkey Germany Bulgaria Other
External sales . . . . . . . . . . . . . . . . . 28,876 8,765 12,076 27,357
Property, plant, and equipment . . . 7,078 2,508 3,097 5,478
Required:
Evaluate whether Note 30 Segment Reporting is in compliance with IFRS 8 based upon the information provided