Exposure Draft and comment letters—Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34)

 

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

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.

Deadline for submitting comment letters: 31 July 2017.

All comment letters should be submitted via the online upload page. If you have any problems using this page, please contact us for help with the submittal process. Please refrain from sending comment letters to IASB or IFRS Foundation individuals. Board and staff members have access to all comment letters submitted via the online upload page. You must be an eIFRS Basic user to submit a comment letter and registration is free.

All comment letters will be on the public record and posted on our website unless the respondent requests confidentiality. Such requests will not normally be granted unless supported by a good reason, for example, commercial confidence.

 

Comment letters are public and all comment letters received on the due process document can be accessed below.

If you have trouble finding a specific comment letter, please contact us.

Access individual comment letters in the table below or download all letters as zip file.

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