Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 18 JULY 2007

Financial Reporting - IFRS - All Change For Segmental Disclosure

Smith & Williamson
Explore more from Smith & Williamson

The new IFRS 8 ‘Operating segments’ will replace IAS 14 ‘Segment reporting’ and apply only to listed entities. The new standard broadly follows the provisions of the exposure draft discussed in the July 2006 edition of Financial Reporting and represents part of the short-term convergence project between IFRS and US GAAP.

United KingdomAccounting and Audit

IFRS 8 ‘Operating segments’ was issued towards the end of 2006 and will apply to periods beginning on or after 1 January 2009.

The new IFRS 8 ‘Operating segments’ will replace IAS 14 ‘Segment reporting’ and apply only to listed entities. The new standard broadly follows the provisions of the exposure draft discussed in the July 2006 edition of Financial Reporting and represents part of the short-term convergence project between IFRS and US GAAP. The new standard follows closely the requirements of FASB Statement No. 131 ‘Disclosures about segments of an enterprise and related information’.

Key Features Of IFRS 8

  • Operating segments are recognised based on internal reporting lines.
    • Disclosable operating segments include any component selling primarily or exclusively to other components.

    We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

    Register for freeORLog in

    Related Articles

    Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

    Read more about

    Related Comparative Guides

    See more popular content from

    Article

    A Month in Money Laundering - September 2005

    This edition includes news on the Royal Institute of Chartered Surveyors (RICS) in the United Kingdom lobbying the UK Government to allow RICS to regulate estate agents under the new EU Directive (5 September); American proposals to reduce currency transactions reporting requirement for seasoned business customers (16 September); and the approval of regulatory standards for Hawala money transfers between 14 Arab states (28 September).
    United KingdomAccounting and Audit
    Deloitte
    Deloitte
    Article

    Corporate Update - September 2026 - Securities Markets

    A delegated regulation relating to the EUPR has been published in the Official Journal and entered into force on 16 August 2026. It was expected to apply from 5 June 2026, alongside the EU Listing Act amendments to the EUPR, but was delayed. The delegated regulation introduces a significantly simplified and more standardised prospectus regime, including streamlined disclosure requirements, a new EU IPO prospectus for first-time listings and mandatory standard formats for single-document equity prospectuses
    United KingdomAccounting and Audit
    Arthur Cox
    Arthur Cox
    Article

    Surveying OFRs And Narrative Reporting In Annual Reports - Part 4

    This disclosure checklist is based on the UK Accounting Standards Board’s (ASB) Reporting Standard on the OFR (RS1) which supports the final statutory requirements in SI 2005/1011. <p>The Regulations state that quoted companies will be required to prepare statutory OFRs for the first time for financial years beginning on or after 1 April 2005. The Reporting Standard will apply to all entities that prepare an OFR.
    United KingdomAccounting and Audit
    Deloitte
    Deloitte