EFRAG to Organize an Event on IFRS 8 Post Implementation Review

The EFRAG is planning to offer an outreach programme on the International Accounting Standards Board post-implementation review of International Financial Reporting Standards 8 ‘Operating Segments’ and the ANC/FRC/EFRAG discussion related paper based on disclosures in Brussels on 11^th of October in 2012.

With this move the European Financial Reporting Advisory Group will now join other standard setters in terms of providing a discussion related forum for the purpose of collecting feedback from numerous stakeholders on the IASB’s post implementation related review of International Financial Reporting Standards 8 ‘Operating Segments’.

The review procedure commenced in the 1^st quarter of 2012 and Request for Information Post-implementation Review: IFRS 8 Operating Segments was accordingly issued in the month of July 2012. The comments on the review were received by 16^th of November in 2012.

EFRAG’s primary aim behind organizing the event is to collate evidence through the Europe’s constituents as far as their experience regarding preparing or/and utilizing information under International Financial Reporting Standard 8 as part of contributing to European Financial Reporting Advisory Group’s response to the International Accounting Standard Board’s request for information.

During the event, the European Financial Reporting Advisory Group members will also debate and acquire feedback on the discussion related paper, which was together issued by the EFRAG, the FRC and the ANC in the month of July in 2012. The main motto of the discussion related paper is to influence as well as offer input to the International Accounting Standards Board on matters pertaining to its disclosure related framework project.

The speakers of the event include EFRAG’s chairman-Françoise Flores and IASB Board member- Philippe Danjou.

The main motto of the post implementation related review is to analyze the new accounting standard’s effect on the preparers, auditors and investors. The outcome of the analysis will affect the International Accounting Standards Board’s future decision. The event offers an exciting opportunity to hold discussions pertaining to the IASB’s review with the EFRAG and the IASB. In order to participate in the event interested members can register with the EFRAG by emailing at their address event@efrag.org before 5^th of October 2012.