IASB Completes Post-Implementation Review of IFRS 8 Operating Segments

The International Accounting Standards Board (IASB) has completed its Post-implementation Review of IFRS 8 Operating Segments. This was the first Standard subjected to such a review by the IASB since the requirement to do so was added to its due process by the Trustees of the IFRS foundation in 2007.


Post-implementation Reviews are conducted by the IASB normally two years after the global application of a new Standard or a significant amendment to an existing Standard. 


The purpose of the review is to consider whether the new Standard is functioning as anticipated, has achieved its objectives and improved financial reporting.  Any resulting actions identified by the review are subject to the normal processes and criteria for adding an item to the IASB’s agenda.


The Trustees’ Due Process Oversight Committee (DPOC) encouraged staff to use this first Post-implementation Review of a Standard to further develop the process for future reviews.  Accordingly, following feedback received during this consultation process, the IASB broadened the scope of these reviews and further enhanced the transparency of the process through the inclusion of formal public consultation. These changes were added to the IASB’s Due Process in January 2013.


The review of IFRS 8 concluded that the Standard was generally functioning as anticipated.  Those limited areas where further investigation is warranted will also be subject to liaison with the FASB and will be considered within the context of the convergence with US GAAP achieved by IFRS 8.


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