Responses to IASB® Documents for Comment

IFRS 8 Operating Segments

Exposure Draft – Improvements to IFRS 8 Operating Segments (Amendments to IFRS 8 and IAS 34) – March 2017.

On July 31, 2017, the AcSB submitted a comment letter to the IASB’s Exposure Draft issued in March 2017. The letter placed emphasis on the importance of globally comparable financial reporting outcomes. Investors rely heavily on segment disclosure and common financial reporting, including information about segments, helps to facilitate efficient capital markets, increase investor confidence, and potentially reduce the cost of capital. The letter acknowledges that challenges have been experienced in practice in applying some of the requirements of IFRS 8. However, it raises concerns with several of the IASB’s proposed amendments to address these issues, specifically whether they will result in improved disclosures in practice. Read the AcSB letter posted by the IASB.

Request for Information – Post-implementation Review: IFRS 8 Operating Segments – July 2012

On November 20, 2012, the AcSB submitted a comment letter to the IASB’s Request for Information issued in July 2012. The letter strongly supports post-implementation reviews. It agrees that the management approach in IFRS 8 provides useful information to enable users of financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates. However, the letter recognizes that users are concerned that the disclosures do not always provide as much detail as they would like. Read the AcSB letter posted by the IASB.