Segment Reporting
This project is complete. The Board published IFRS 8 in November 2006. Information on the project is retained for background reading purposes only.
The project arises from the IASB’s consideration of FASB Statement No.131 Disclosures about Segments of an Enterprise and Related Information (SFAS 131) issued in 1997, compared with IAS 14 Segment Reporting, which was issued in substantially its present form by the IASB’s predecessor body, International Accounting Standards Committee, in 1997.
The objective of the project is to reduce differences in segment reporting between IFRSs and United States generally accepted accounting principles (US GAAP).
Is this project part of the Memorandum of Understanding?
Yes. The MoU sets out a Roadmap of Convergence between IFRSs and US GAAP 2006-2008.
Click here for more information on the MoU.
Next due process step
The next due process step is the development and publication of an IFRS. To resolve issues arising from the exposure draft, the staff will be analysing comment letters from constituents and taking major issues to the Board meeting in July and September 2006.
Due process steps completed
Stage 1: Setting the agenda
Work on this project commenced in 2003, as part of the short-term convergence project.
Stage 2: Project Planning
This project is being conducted by the IASB only. This project does not have a working group because it is part of the short-term convergence project.
Stage 3: Development and publication of a discussion paper
A discussion paper is not a mandatory step in the IASB Due Process Handbook. A discussion paper was not considered necessary for this project because the objective of the project is to reduce differences in segment reporting between IFRSs and United States generally accepted accounting principles (US GAAP) and SFAS 131 can be used as benchmark.
Stage 4: Development and publication of an exposure draft
The Board issued ED 8 Operating segments in January 2006, which would replace IAS 14 and align segment reporting with the requirements of SFAS 131.
The comment period for the exposure draft ended on 19 May 2006 and the comment letters received can be viewed on the comment letters page.
Project completion:
The Board published IFRS 8 in November 2006.
Further information:
Project contact: