Accountancy magazine has reported that IFRS 8 has been annulled by the EU. But as it notes:
A procedural hiccup has led to the adoption of IFRS 8, the controversial international standard on segment reporting, being delayed by 10-14 days.
Last week, the European parliament voted in favour of a resolution endorsing the standard, which allows listed companies to segment their reporting according to organisational divisions rather than by geographic region.
But a note has been posted on the European website saying that publication of the regulation in the EU's Official Journal - the last legal stage post to implementation - has been annulled.
Apparently a procedural error gave rise to the annulment - since IFRS 8 had been incorrectly adopted in the first place. Maybe that's true. I don't know. The plausibility seems low to me. I'd have thought the EU knew how to do these things by now.
What I do now is that a legal challenge to IFRS 8 has been made, although I can say no more.
And I do know that the debate surrounding IFRS 8 is not going away - not for a long time.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
I think you will find it has now gone through:
http://eur-lex.europa.eu/LexUriServ/site/en/oj/2007/l_304/l_30420071122en00090020.pdf
and is in today’s official journal