IFRS 8 – annulled

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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.