IFRS 8: Operating segments

The International Accounting Standards Board (IASB) released International Financial Reporting Standard 8 (IFRS 8) to address the topic of operating segments.

As many large conglomerates are involved in several lines of business, the investor demands information available to them so that they can see how each of these segments is performing. This IFRS standard is in place to document how these operating segments should be disclosed in the financial statements.

IFRS are principles based standards, rather than strict rules based standards that govern international accounting. IFRS standards differ from IAS standards in that they began being introduced in 2001, whereas IAS were produced prior to this date by the IASC, or the International Accounting Standards Committee. Therefore when an IFRS standard and an IAS standard conflict, the IFRS is generally more authoritative due to being more recent.

Accounting made easy, for FREE!

Access the contact form and send us your feedback, questions, etc. We are always welcome to help someone out. You can also contact us if you wish to submit your writing, cartoons, jokes, etc. and we will consider posting them to share with the world! The Facebook and LinkedIn groups are also good areas to find people interested in accounting like yourself, don’t hesitate to join as everyone of all levels are welcome to become part of the community.

Are You Ready to Take Your Accounting Skills to the Next Level on the Information Highway?

How Can We Help?