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.
4 Responses to “IFRS 8 – Segment reporting and the ongoing need for country-by-country reporting”
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Beware ‘under the radar’ dilution. If it ain’t gotta be reported, it won’t be!
[...] As reported by Richard Murphy, the IASB has issued the convergence standard on segment reporting IFRS8. Richard notes from the press release that: 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. [...]
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
[...] consumers to understand where the monetary influence lays. It is as relevant and important to us as segment and geographical reporting is to Richard Murphy. In my view, understanding where the money goes has a direct impact on how you assess the output of [...]