‘This House finds
8, concerning disclosure of operating segments by multinational
corporations, totally unacceptable because it gives company directors carte
blanche to decide what they disclose and how they disclose it and does not
require consistency of disclosure,’ the motion, put forward by Grimsby MP Austin
UK opposition to the standard follows political rows in Europe, where the
European Parliament considered a resolution demanding that the EC conduct a full
impact assessment. The motion has been deferred to September.
IASB sources have admitted they are baffled by the fierce opposition to IFRS
8, which was consulted on last year. The IASB believes the standard is a pawn in
a power struggle between the EU and the EC.
But critics have maintained that the consultation was inadequate and that the
standard is deeply flawed.
The standard concerns how segments are reported, with some critics hoping for
a mandatory ‘country-by-country’ basis.
The FRC has also become concerned by the opposition to IFRS 8. If the
standard hits the buffers it could be a significant blow to the US/UK
An emergency meeting, attended by the Hundred Group of finance directors and
the CBI among others, was held at the FRC to discuss IFRS 8 this week.
An IASB source said that the standard setter hoped to improve its
relationships with stakeholders following the IFRS 8 bust up.
The new team will begin their new roles on May 9, 2017 for a year term
Committee expresses concern about costs to businesses and April 2018 implementation date
The ACCA has announced a regular Global Forum focussing on education
After a seven-year saga, a result has been reached between Margaret May and CIMA over misconduct