ESMA publishes 'Review of European enforcers on the implementation of IFRS 8'
Nov 10, 2011
The European Securities and Markets Authority (ESMA) has released a Report on its post-implementation review of IFRS 8 Operating Segments.
The Report discusses the application of IFRS 8 requirements by European issuers, and explores the areas posing significant challenges to investors, preparers and/or enforcers. The Report also provides ESMA’s tentative recommendations to enhance the application of the standard.
The conclusions reached by European enforcers in the Report are that '(i) the implementation of IFRS 8 resulted in a fairly similar level of information compared to its predecessor IAS 14 and that (ii) there is homogeneity in the issues faced by European enforcers when enforcing this standard. This stems from a combination of weaknesses in the standard and a failure to fully comply with its requirements by issuers.'
Please click here to read the Report on the ESMA website.