The purpose of International Financial Reporting Standard 8 (IFRS 8) 'Operating Segment' issued by the International Accounting Standards Board (IASB) is to eliminate major differences between IFRS and US Generally Accepted Accounting Principles (GAAP) and also to improve the financial reporting…
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The IFRS make the entities achieve this purpose by enabling them to provide segment wise information. However the entities do not incur any excessive cost for such reporting; they are able to make only at a little extra cost. IFRS 8 arises from the IASB's comparison of International Accounting Standard 14 (IAS 14) 'Segment Reporting' with the US standard SFAS 131 'Disclosures about segments of an Enterprise and Related Information'. IFRS 8 replaces IAS 14 and aligns Segment reporting with the requirement of SFAS 131. This paper envisages a critical analysis of the impact and usage of the introduction of IFRS 8 and the extent to which this standard aids in achieving the convergence between national accounting standards and IFRS to deliver high-quality solutions.
that files, or is in the process of filing, its (consolidated) financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market.
However, when both separate and consolidated financial statements for the parent are presented in a single financial report, segment information need be presented only on the basis of the consolidated financial statements. (Deloitte Paper)
International Accounting Standards Board (IASB) based in London represented and funded by major accounting firms, industrial companies, financial institutions, central banks and other international and professional organizations throughout the world is committed in developing, in the public interest, a single set of high quality global accounting standards that require transparent and comparable information in general purpose financial statements. According to the IASB Paper on IFRS 8 (2006), the prime objective of the IASB is to achieve the convergence of accounting standards in all the countries around the world. With this objective in view, the IASB and the Financial Accounting Standards Board (FASB) in the United States have undertaken a joint short term project with the objective of reducing the difference between the IFRSs and US GAAP that are capable of resolution in a relatively shorter period of time. The other consideration was that the differences to be addressed must be outside the major projects. With a view to adopting high quality financial reporting solutions, both the Boards considered the standards prescribed by them recently and evolved the new standard as the best combination of existing standards. In order to decide on the new IFRS 8 standard the IASB compared the IAS 14 Segment Reporting and SFAS 131 Disclosures about Segments of an Enterprise Related Information. It is worth noting that the IAS 14 was adopted substantially from the earlier standard issued by the International Accounting Standards Committee (IASC) in the year 1997. Hence the main reason for the issue of a revised standard in IFRS 8 is to increase the convergence of different standards as well as to present the best of the standards available in respect of Segment Reporting.
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