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 acco ...