The IASB completed the evidence-gathering phase of its post-implementation review (PIR) of IFRS 8 Operating Segments in December 2012. The IASB met on 25 April to discuss:
a. sources of input to the PIR, due process and next steps;
b. messages received and feedback summary;
c. lessons learnt about the PIR process; and
d. feedback from the April 2013 meeting of the DPOC.
Sources of input to the PIR, due process and next steps (Agenda Paper 12 A)
The IASB discussed the three sources of input to the PIR process—public consultation, outreach and the review of academic literature. It considered the adequacy of that input and reviewed the due process protocol for the PIR of IFRS 8.
The IASB decided that the review work recorded is adequate with respect to the coverage of geographical regions and types of participants to ensure that representative views have been obtained. The IASB also decided that it had met the due process protocol requirements. All IASB members agreed.
Messages received and feedback summary (Agenda Paper 12 B)
The IASB decided that the draft feedback statement had identified all of the key messages received from the post-implementation review of IFRS 8, subject to some minor drafting changes. All IASB members agreed.
The staff noted that the Due Process Handbook makes it clear that there is no presumption that a PIR will result in amendments to the Standard. IASB members said that the feedback statement should be clear about what steps the IASB planned to take as a result of the review. For example, the feedback statement should identify issues that warrant potential follow-up, but not go so far as suggesting that they will result in narrow-scope amendments to the Standard. All IASB members agreed.
The IASB decided that the staff should draft a feedback statement and report on the PIR of IFRS 8. All IASB members agreed.
Lessons learnt about the PIR process (Agenda Paper 12 C)
The IASB discussed the feedback received on the PIR process itself together with the staff’s analysis of how lessons learnt in conducting this PIR might affect the approach to subsequent PIRs. It also considered the effect that reviewing a Standard developed jointly with the FASB might have on the PIR process and how the IASB’s process compares with that of the FAF.
The IASB concluded that the PIR process had been effective and was an appropriate basis for future reviews. The IASB also decided that the development of any proposed amendments to an IFRS that is converged with the equivalent guidance in US Generally Accepted Accounting Principles, proposed as a result of a PIR, should include active liaison with the FASB. All IASB members agreed.
Feedback from the April 2013 meeting of the DPOC (Agenda Paper 12 D)
The IASB discussed the IFRS Due Process Oversight Committee’s (DPOC) feedback about the PIR of IFRS 8 and noted that the DPOC had concluded that the process used for the PIR of IFRS 8 had worked well in practice and represented a good start to the PIR process of the IASB.
The IASB plans to publish the Feedback Statement and IASB Report on the Post-implementation Review of IFRS 8 in June 2013.