The ASB’s submission to Europe on IFRS 8 ducks the country-by-country issue

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The UK Accounting Standard's Board has published its submission to the EU on country-by-country reporting. It's a dull document, without flair of any sort.

Most significant is answer 6, which is as follows:

Question 6:
a) Do you believe that the lack of mandatory requirements for full segment information on a geographical basis in IFRS 8 gives sufficient reason for a non-endorsement decision?
b) Do you believe that other mandatory requirements for segment information are missing in IFRS 8 (compared to IAS 14)? If yes, which ones?

To which the answers given are:

(a) No.
(b) No.

The ASB also notes that directors are free to provide additional information if they believe it will be useful to users.

I guess it's nice to see they've ducked the debate. It makes it hard for the EU to reject the TJN argument on the basis of the nifty counter-argument from the ASB.

But I'd just say that this shows an arrogance on this issue which has been typical of their conduct on this whole affair. I'm curious to note that they also published some research on ethics today. I'd hate to link the issues, but......