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Lecture IFRS primer international GAAP basics: Chapter 34 - Wiecek, Young

Chapter 34 - Operating segments: IFRS 8. The main contents of the chapter consist of mains parts: Related standards, IFRS 8, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Operating Segments: IFRS 8 Wiecek and Young IFRS Primer Chapter 34 Operating Segments Related standards IFRS 8 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 131 Disclosures about Segments of an Enterprise and Related Information IFRS 8 – Overview Objective and scope Operating segments Reportable segments Disclosure Measurement Entity-wide disclosures IFRS 8 – Objective and Scope Purpose Provide external users with a glimpse of how management views its operations in terms of resource allocation and performance measurements Present information about the various business and geographical segments of the entity so users can better assess the risks and returns of each segment Ensure that sufficient information is disclosed to allow users to evaluate the nature and financial effects of the entity’s business and the economic environment Application Separate as well as consolidated statements of entities that have debt or equity instruments traded in a public market Entities that file or are in the process of filing financial information with a securities regulator Private companies may voluntarily adopt IFRS 8 – Operating Segments Operating segment A component of an entity: (a) That engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), (b) Whose operating results are regularly reviewed by the entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and (c) For which discrete financial information is available An operating segment may engage in business activities for which it has yet to earn revenues E.g., start-up operations may be operating segments before earning revenues IFRS 8 – Operating Segments Operating segments have three defining characteristics: 1. . | Operating Segments: IFRS 8 Wiecek and Young IFRS Primer Chapter 34 Operating Segments Related standards IFRS 8 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 131 Disclosures about Segments of an Enterprise and Related Information IFRS 8 – Overview Objective and scope Operating segments Reportable segments Disclosure Measurement Entity-wide disclosures IFRS 8 – Objective and Scope Purpose Provide external users with a glimpse of how management views its operations in terms of resource allocation and performance measurements Present information about the various business and geographical segments of the entity so users can better assess the risks and returns of each segment Ensure that sufficient information is disclosed to allow users to evaluate the nature and financial effects of the entity’s business and the economic environment Application Separate as well as consolidated statements of .