This introductory article summarises the requirements and scope of MFRS 8 and explains the key steps in determining reportable segments.
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High quality management accounts are essential to enable management to monitor how they are performing and how they need to allocate their resources. This is particularly key for entities that operate in a variety of classes of business, geographical locations, regulatory or economic environments or markets. MFRS 8 ‘Operating Segments’ aligns external reporting through the identification and reporting of operating segments with what is reported internally by management.
Our ‘Insights into MFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas. We also include several examples illustrating the Standard’s requirements. This article sets out the requirements when identifying operating segments.
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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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