IAS 14
IAS 14 – Business segments is a former International Accounting Standard that was fully redrawn in 2009 and superseded by IFRS 8. IAS 14 set the guideline on how to identify different business segments of a company.[1]
History
A timeline of IAS 14 [2]
| Date | Development |
|---|---|
| March 1980 | Exposure Draft E15 Reporting Financial Information by Segment |
| August 1981 | IAS 14 Reporting Financial Information by Segment |
| January 1983 | Effective date of IAS 14 (1981) |
| January 1994 | IAS 14 (1981) was reformatted |
| December 1995 | Exposure Draft E51 Reporting Financial Information by Segment |
| August 1997 | IAS 14 Segment Reporting1 July 1998Effective date of IAS 14 (1997) |
| November 2006 | IAS 14 is superseded by IFRS 8 Operating Segments effective for annual periods beginning 1 January 2009 |
Differences between IAS 14 and IFRS 8
IFRS 8 requires companies to be more transparent about their business decisions and management information. Where IAS 14 required companies to base their reported business segments on the information presented in their financial statement, IFRS 8 requires them to also base this segmentation on any distinction made between business segments by key management in their decision making and information that is used internally by the company. [3]
References
- "IAS 14 - Business segments". iasplus.com. Deloitte. Retrieved 26 October 2016.
- "IAS 14 - Business segments". iasplus.com. Deloitte. Retrieved 26 October 2016.
- "A practical guide to segment reporting" (PDF). pwc.com. PwC. Retrieved 26 October 2016.
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