EU puts segmental reporting on ice

The contentious accounting standard, IFRS 8, was recently criticised by the parliament's economic and monetary affairs committee, and has been pilloried by investor groups and non-profit organisations that want multi-nationals to disclose tax treatments used in foreign jurisdictions.

Despite a positive assessment report from the European Commission recommending adoption of the standard, the committee sought to further deliberate on the issue. Earlier this month, the committee recommended that the IASB carries out new special impact assessments and also stressed that: 'European interest should not be sacrificed by the overall objective of convergence'.