Under IFRS 8 on segment reporting the only geographic reporting required is a split of turnover between that arising in the country of incorporation and that in the rest of the world. The EU is considering adopting this standard.

The standard does, however, appear to be illegal in EU law. This is because Article 43 (8) of the Forth EU Directive on Company Law says that the notes to the accounts will disclose:

(8) the net turnover within the meaning of Article 28, broken down by categories of activity and into geographical markets in so far as, taking account of the manner in which the sale of products and the provision of services falling within the company's ordinary activities are organized, these categories and markets differ substantially from one another;

This is clearly inconsistent with IFRS 8. As such even if IFRS 8 is adopted the existing segment analysis required by law based on geography will still have to be supplied or the requirements of the Fourth Directive will not have been met.

As I've been arguing, this provides yet another reason for IFRS 8's adoption to be deferred whilst the whole issue is reworked from first principles.