This article sets out the requirements of identifying reportable segments, which is closely linked to aggregating operating segments.
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Financial information is required to be reported on the same basis as is used internally for evaluating operating segment performance and deciding how to allocate resources to operating segments. MFRS 8 ‘Operating Segments’ sets out these requirements and asks for reconciliations of total reportable segment revenues, total profit or loss, total assets, liabilities and other amounts disclosed for reportable segments to corresponding amounts in the entity’s financial statements.
Our ‘Insights into MFRS 8’ series is designed to illustrate how MFRS 8 should be applied and it provides guidance and insight in some problematic areas. We also provide several examples illustrating the Standard’s disclosure requirements. This publication sets out the requirements for entity-wide disclosures.
How we can help
We hope you find the information in this article helpful in giving you some insight into MFRS 8. If you would like to discuss any of the points raised, please do not hesitate to contact us.
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