Improvements to IFRS 8 Operating Segments

The International Accounting Standards Board (the Board) has today published proposed improvements to the IFRS Standard covering operating segments, IFRS 8, for public consultation. As reported by The Standard.

IFRS 8 Operating Segments was issued in 2006. It sets out the disclosure requirements for information about a company’s operating segments, products and services, as well as about the geographical areas in which it operates and its major customers.

The proposed amendments follow on from a Post-implementation Review (PIR) of IFRS 8 that was carried out to assess whether the Standard works as intended. The PIR confirmed that the Standard generally functions well but identified some areas that could benefit from improvements.

The proposed improvements in the Exposure Draft include amendments:

  • to clarify and emphasise the criteria that must be met before two operating segments may be aggregated;
  • to require companies to disclose the title and role of the person or group that performs the function of the chief operating decision maker; and
  • to require companies to provide information in the notes to the financial statements if segments in the financial statements differ from segments reported elsewhere in the annual report and in accompanying materials.

The Board has also proposed to amend IAS 34 Interim Financial Reporting to require companies that change their segments to provide restated segment information for prior interim periods earlier than they currently do.

Respond now!

Visit TheGAAP.net daily to be kept up to date on accounting information, trends and changes.

TheGAAP.net is best known for “Filling in the Gaps for Canadian Accountants”.

Follow us as we fill in the Gaps for:

  • IFRS & other accounting regulatory changes
  • updated Accounting information
  • changes in Accounting
  • trends in Accounting
  • other accounting best practices, and any other business issues affecting Accountants and Business people

 

We will fill the Gap by providing updates, articles, books, online resources, workshops, seminars and webinars.

Visit also for your CPD needs:

http://thegaap.net/professionaldevelopment/

TheGAAP.net is the provider of up to date accounting information, trends and changes, serving Accountants and Business people interested in Accounting for their businesses.

Thank you for making TheGAAP.net your source for keeping up to date on accounting.

 

Share this:

Leave a Comment