EFRAG Requests Users, Auditors and Prepares to Offer Evidence
In their bid to respond to IASB’s ‘Request for Information’, which IASB had created for reviewing IFRS 8 ‘Operating Segments’, EFRAG has requested users, prepares, academics and auditors from all over Europe to provide some sort of evidence. In addition to this, EFRAG also mentioned that it is planning to hold events in Europe with the help of National Standard Setters. EFRAG has also declared that it will be organizing events all through Europe in joint venture with National Standard Setters and in association with user organizations.
On the 19th of July this year, IASB had initiated a consultation phase where they had invited the public to express their views on IFRS 8 Operating Segments PIR procedure by issuing a ‘Request for Information’ on the standard’s effect post implementation.
EFRAG is encouraging European accounting users to answer the questions that had been created by International Accounting Standards Board so that it can support IASB. But EFRAG had developed another questionnaire, which can be utilized by the European constituents for sharing their knowledge with IFRS 8. EFRAG will also be interested in receiving some examples related to the practice of IFRS, which are considered important.
EFRAG is going to utilize the evidence provided by the constituents as a basis on which response will be given to IASB and for organizing events in association with the National Standard Setters with IASB participating in it.
EFRAG has also requested that European constituents should tell about their experiences regarding IFRS 8 by filling a questionnaire. These questions basically focus on the needs of IFRS 8 as well as on learning more about the information that is prepared as per the accounting standard. These questions are also related to International Accounting Standard Board’s themes with respect to Request for Information.
EFRAG is hoping that it will get responses by the 15th of October this year. EFRAG won’t be publishing the names of those individuals as well as entities that provide examples. However, it will try and identify some of the common themes and elements in order to prepare its report, which it will further provide to IASB.