Insights into IFRS 8 Operating Segments – 2021

The Grant Thornton International IFRS team has published Insights into IFRS 8 – IFRS 8 Principles in brief.

For entities that operate in a variety of types of businesses, geographical locations, regulatory or economic environments or markets, high quality management accounts are essential. They enable management to monitor performance, allocate resources and devise business and market strategies.

IFRS 8 Operating Segments requires much of this management information for publicly listed entities to be published externally, so that investors, analysts and other users of the entities’ financial statements can review an entity’s operations from the same perspective as management.

The Insights into IFRS 8 series considers key implementation issues, provides interpretational guidance in certain problematic areas and includes several examples illustrating the standard’s requirements.

This introductory publication summarizes the requirements and scope of IFRS 8 and explains the key steps in determining reportable segments.