This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Post-implementation review of IFRS 8

Date recorded:

The papers summarised the process and findings of the post-implementation review (PIR).

The first question from the Staff was whether the Board was happy that the constituents were consulted adequately. The Board believed that Yes. One Board member noted that - given a) the importance of the segment information and b) FASB’s similar approach to segment reporting – the analysts group could have been extended to the US. Something the Board needed to consider for the next PIR on IFRS 3.

There were some questions and comments on the messages and responses from the constituents, but it was decided not to prioritise them.

A couple of Board members noticed in feedback that many people believed that two years after the implementation of the standard was not a long enough period to fully assess its PIR.

The Staff member pointed out that it was important to manage people’s expectations during the PIR so that there was no presumption that the PIR would automatically lead to changes to a standard; any identified issues will be dealt with in the agenda-setting process.

There was also a discussion about whether the Board should co-ordinate any potential revisions with FASB that went through a similar PIR process. It appears that it plans to have some narrow scope amendments and the management approach will remain. The Staff did not have more detailed information at this stage about the FASB’s key issues.

The Board will continue to assess key messages and consider them in the agenda-setting process.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.