This introductory article summarises the requirements and scope of MFRS 8 and explains the key steps in determining reportable segments.
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Segment reporting is intended to give information to investors and stakeholders regarding the financial results and financial position of the entity that are used by the entity’s chief operating decision maker (CODM). Given this, MFRS 8 ‘Operating Segments’ provides the guidance to preparers on this area.
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 include several examples illustrating the Standard’s disclosure requirements.
MFRS 8’s ‘management approach’ has the effect that reportable segments and segment information will vary according to the information used by the CODM. As a result, disclosures will not be consistent between entities, even those operating in similar industries. It is therefore important users are provided with an explanation of how management have identified both the entity’s CODM and its operating segments and how the information reported to the CODM reconciles to the primary financial statements.
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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