PracticeAuditIASB’s watchdog backs segments decisions

IASB's watchdog backs segments decisions

Body that oversees the IASB backs adoption of segmental reporting standard

The IASB’s own watchdog has backed the standards-setter over its handling of
the controversial segmental reporting accounting standard.

Speaking the the European Parliament, Bertrand Collomb said that the trustees
overseeing the IASB were comfortable in the consultation the body did before
adopting IFRS 8.

‘Evidence suggests that the management approach to segment reporting has led
to increased disclosure and dialogue between companies and investors. The
Trustees are also comforted by the fact that the IASB is willing to undertake a
post-implementation review of IFRS 8 after two years of its operation,’ he said.

He said oversight of the project will continue.

Collomb also warned that Europe should be careful to not threaten moves
underway to remove the reconciliation statement currently required when
reporting in the US – a reason the IASB cites often in explaining its adoption
of the controversial standard.

‘We should be careful not to do anything that might give pause on the
decision on reconciliation,’ Collomb said.

Further reading:

EU delays IFRS 8 ratification in shock move

EC to meet charities over segments
row

International investors wade in to
segments row

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