By way of contrast, AASB8 paragraph 5 now defines an operating segment as a component of an entity:

that engages in business activities; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker; and (iii) for which discrete financial information is available.

Required:

Explain some of the flexibilities in AASB8 that allow for variable presentation of a reporting entity’s segment disclosures. Why might management seek to opportunistically draw on these flexibilities to affect a disclosure that reveals as little as possible, and/or presents a group’s segment information in a favourable light?