Deloitte view on endorsement of IFRS 8 in Europe

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30 Jun 2007

We reported in our News Story of 5 June 2007 that the European Commission is conducting a public consultation regarding the endorsement of IFRS 8 Operating Segments before finalising a report on the potential impact of endorsement for submission to the European Parliament in September 2007. The Commission's public consultation involved a questionnaire to which responses were due 29 June 2007. The issue is whether it is appropriate to endorse IFRS 8 for use in the EU, thereby superseding IAS 14 Segment Reporting, which is currently in use in the EU.

The Deloitte IFRS specialists centres in a number of the Deloitte European firms have jointly replied to the Commission's consultation supporting the endorsement of IFRS 8. The letter notes that IFRS 8 has currently received a positive advice from the EFRAG (the 'technical level' of the EU endorsement process for accounting standards) and the ARC (the 'political' level of the endorsement process). Deloitte advocates immediate endorsement of IFRS 8 in the EU. Click for:

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