IASB concludes two projects by publishing project summaries

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28 Feb, 2019

The IASB has published 'Improvements to IFRS 8 'Operating Segments' — Proposed amendments to IFRS 8 and IAS 34 project summary' and 'Discount rates in IFRS Standards project summary'. The IASB will not conduct any further work regarding these projects.

In 2012, the IASB started a post-implementation review of IFRS 8 Operating Segments and subsequently published a report and feedback statement summarising the findings of the review. In March 2017, the IASB proposed to address the findings from the review in the exposure draft ED/2017/2 Improvements to IFRS 8 'Operating Segments' (Proposed amendments to IFRS 8 and IAS 34). However, feedback to the ED revealed that some of the Board's proposals could be dealt with by existing requirements, that other proposals would not be effective in addressing the findings from the review, and that the remaining proposals would not result in sufficient improvements in information to investors to justify the additional costs. Therefore, the Board decided not to proceed with the amendments proposed in the ED. Thus, the project summary published today concludes the project.

The project on discount rates resulted from feedback in the Agenda consultation 2011 where constituents had commented that the reasons for differences in discount rate requirements under various IFRSs is not well understood and could be considered inconsistent. Therefore, the IASB conducted a research project from 2014 to 2017 to investigate reasons for inconsistencies between requirements relating to discount rates in IFRSs and to assess whether the Board should consider addressing those inconsistencies. The Board’s investigation found that, in some cases, inconsistencies arise between requirements relating to discount rates in IFRSs because different standards adopt different measurement bases. There are also some inconsistencies because different standards were developed at different times and with different areas of focus. The Board will use those findings in other projects but has no plans to conduct a separate project on discount rates. This project is, therefore, also conluded by publishing a project summary.

The following information is available on the IASB website:

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