IFRS Learning Module 5: Segment Reporting (Course Id 366)

Accounting - Accounting for Course Id 366

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.

Module 5 of the IFRS Learning Module series presents an overview of IFRS 8 Operating Segments; this overview includes a detailed discussion of the processes for identifying, aggregating and reporting operating segments in IFRS financial statements. The course also discusses the IASB’s and FASB’s efforts towards achieving convergence in segment reporting.

NASBA QAS - Text - Technical - NASBA Registry - 366

Module Learning Objectives

• Explain the process for identifying operating segments under IFRS 8.
  
• Identify reportable segments based on the guidelines and quantitative thresholds provided in IFRS 8.
  
• Describe the disclosure requirements of IFRS 8.
  
• Describe the similarities and differences between IFRS and U.S. GAAP in the area of segment reporting.
  

Module 5:  Segment Reporting

1.0   Introduction to IFRS 8

1.1   Objective & core principle

1.2   Scope

2.0   Identifying Operating Segments

2.1   Identifying the chief operating decision maker

2.2   Identifying the entity�s business activities

2.3   Determining whether discrete financial information is available

2.4   Reviewing discrete financial information regularly

2.5   Matrix organizations

3.0   Identifying and Aggregating Reportable Segments

3.1   Aggregating operating segments

3.2   Applying quantitative thresholds for reportable segments

3.3   Establishing the minimum number of reportable segments (the 75% test)

3.4   Completing the aggregation process

4.0   Disclosures (Segment)

4.1   General information

4.2   Quantitative information about profit or loss, assets and liabilities

4.3   Measurement policies

4.4   Reconciliations

5.0   Disclosures (Entity-wide)

5.1   Information about products and services

5.2   Information about geographical areas

5.3   Information about major customers

6.0   IFRS & U.S. GAAP Convergence

6.1   ASC 280 Segment Reporting

6.2   IFRS 8 & ASC 280: Similarities and differences

7.0   Module Summary

Glossary