IFRS 8 - Segment reporting and the ongoing need for country-by-country reporting
November 30th, 2006
The International Accounting Standards Board has issued IFRS 8 today on segment reporting. In their press release they did however add the following comment:
The Board will continue to examine the merits for a requirement of country-by-country disclosure as suggested by supporters of the Publish What You Pay campaign. A group of Board members will discuss this issue with other interested organisations.
This is good news. Those of us with concern on this issue are keen to work with the IASB to extend the parameters of reporting and transparency in the interests of many stakeholder groups, including shareholders. We look forward to the discussions.
Beware ‘under the radar’ dilution. If it ain’t gotta be reported, it won’t be!
Dennis
This is why we do not accept an argument for omitting countries on the basis of immateriality.
It’s why we also ask for information in intra-group trading.
Richard