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IASB proposed ‘improvement’ to IFRS 8

30 May 2017

The International Accounting Standards Board is proposing changes to the IFRS for operating segments.

IFRS 8 Operating Segments was issued in 2006 and sets out the disclosure requirements for information about a company’s operating segments, products and services, as well as bout 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.

So where does the IASB want improvements? Well the exposure draft amendments include:
• 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.
• 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 material.

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