EFRAG draft comment letter on proposed improvements to IFRS 8

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

26 Apr, 2017

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2017/2 'Improvements to IFRS 8 'Operating Segments' (Proposed amendments to IFRS 8 and IAS 34)'.

EFRAG broadly agrees with the IASB proposals; however, EFRAG has reservations regarding the proposal to require an entity to explain why the segments identified in an entity's financial statements are different to the segments reported outside of the financial statements. EFRAG also believes that the proposed definition of an entity's 'annual reporting package' may prove difficult to apply in practice. The background of both these concerns is that EFRAG believes that the IASB might be trying to achieve something that goes beyond its mandate.

Comments on EFRAG's draft comment letter are requested by 17 July 2017. For more information, see the press release and the draft comment letter on the EFRAG website.

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