Deloitte comment letter on IFRS 8 post-implementation review

  • Deloitte Comment Letter Image

16 Nov, 2012

Deloitte’s IFRS Global Office has submitted a letter of comment to the International Accounting Standards Board (IASB) regarding its Request for Information on the post-implementation review of IFRS 8 'Operating Segments'.

We support the IASB decision to include the post-implementation review programme to its due process. We anticipate that the programme will increase the quality and consistency in financial reporting. However, we believe the process could benefit from the following:

  • Clarity that it is intended to identify whether the objectives of the Standard have been fulfilled, rather than to re-assess whether those objectives were correctly identified, as any need for a fundamental re-appraisal of the principles behind a Standard could instead be identified as part of the Board’s periodic agenda consultation process.
  • Setting the public consultation phase of a post-implementation review within a clearly defined process would be beneficial both to the Board in determining the detailed questions to be asked and to constituents in framing their responses to those questions.
  • The Request for Information, which focuses primarily on investors and preparers, could give further consideration to feedback by other constituents such as auditors and securities regulators.
  • The Financial Accounting Foundation is currently conducting a post-implementation review on its standard on segment reporting, we encourage the IASB and FASB to co-ordinate any amendments to their respective guidance in order to maintain a consistent application.

Click to access our comment letter.

See our previous article on IASB post-implementation review.

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