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Understanding how an entity is performing from management’s point of view during an interim reporting period can be just as important as the annual disclosures that are required when following IFRS 8 ‘Operating Segments’ – which sets out the minimum disclosure requirements for annual reporting periods.
Our ‘Insights into IFRS 8’ series is designed to illustrate how IFRS 8 should be applied and it provides guidance and insight in some problematic areas. We also include several examples illustrating the Standard’s requirements.
IFRS 8 disclosures for interim financial statements
This article sets out example disclosures of segment information in a set of condensed interim financial statements.
This article sets out illustrative disclosures required under IFRS 8 and IAS 34 ‘Interim Financial Reporting’ for a fictional entity, Illustrative Corporation Ltd and its subsidiaries (the Group) that presents half-yearly condensed interim financial statements.
The form and content of IFRS financial statements of course depend on the reporting entity’s activities and transactions. IFRS 8’s management approach results in an entity’s interim disclosures being as unique as any disclosures that would be made at the end of any annual reporting period. We have illustrated in this article the minimum disclosures required taking into consideration both IFRS 8 and IAS 34.
How we can help
We hope you find the information in this article helpful in giving you some insight into IFRS 8. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact or your local member firm.
Authors
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Mark Hucklesby Mark is the Director of Financial Reporting at Grant Thornton International, he shares the skill and experience gained from over 35 years in the accounting and auditing profession working in New Zealand, England and the United States with the global network.Follow on LinkedIn -
Sarah Carroll Sarah is a senior member of the global IFRS team which promotes the high quality consistent application of IFRS.Follow on LinkedIn
