IASB issues new standard

News Article - 01 December 2006
Category: Regulatory

The International Accounting Standards Board (IASB) has published international financial reporting standard eight which requires businesses to take a managerial approach to disclosing the financial performance of their operating segments.

The standard is part of a short-term joint project between the IASB and the US Financial Accounting Standards Board.

Among the requirements is that companies must explain how segment information is prepared and resolutions to the amounts on accounting statements.

A coalition of charities and pressure groups, Publish What You Pay, has however said that the new standard does not address disclosures on a country-by-country basis, Accountancy magazine reports.

Sir David Tweedie, IASB chairman, told the publication: "The board will continue to examine the merits for a requirement of country-by-country disclosure suggested by supporters of the Publish What You Pay campaign."

The coalition's accounting advisor told the magazine that while a number of firms were supporting the call for country-by-country reporting, only modest material progress had been made.

Over in the US, a committee of academics has advised the Securities and Exchange Commission to take a more reasonable approach to internal controls and financial statements while also adopting a risk-based regulatory process.

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