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AASB 114 - Segment Reporting
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
AASB 114 compared to IAS 14 
 
Additions 
Aus 1.1  
Which entities AASB 114 applies to, ie. reporting entities and general purpose financial reports.  
 
Aus 1.2  
Excludes not-for-profit entities from the application of the Standard.  
 
Aus 1.3  
Explains that not-for-profit entities in the government sector will continue to have disclosure requirements for disaggregated information in the Australian Standards AAS 27, 29 and 31.  
 
Aus 1.4  
The application date of AASB 114, ie. annual reporting periods beginning 1 January 2005.  
 
Aus 1.5  
Prohibits early application of AASB 114.  
 
Aus 1.6  
Makes the requirements of AASB 114 subject to AASB 1031 Materiality.  
 
Aus 1.7  
Explains which Australian Standards have been superseded by AASB 114.  
 
Aus 1.8  
Clarifies that the superseded Australian Standards remain in force until AASB 114 applies. 
 
Aus 1.9  
Notice of the new Standard published on 22 July 2004. 
 
Aus 1.10  
Allows a parent entity that prepares group financial statements to dispense with segment reporting in its separate financial report. However, if a parent entity chooses to include segment disclosures in its separate financial report, then AASB 114 applies.  
 
Aus 8.1  
Sets out the definition of ‘not-for-profit entity’.  
 
Deletions 
1  
IAS 14 should be applied in complete sets of published financial statements that comply with International Standards.  
 
2  
Explains what is meant by a complete set of financial statements.  
 
3  
IAS 14 applies to enterprises whose equity or debt securities are publicly traded or are about to be publicly traded.  
 
4  
Encourages application of IAS 14 where enterprises do not have publicly traded equity/debt securities but prepare financial statements that comply with International Standards.  
 
5  
Voluntary segment disclosures should comply with IAS 14.  
 
6  
Separate segment disclosures for a parent entity or subsidiary are not required in a single financial report that contains both the consolidated financial statements and separate financial statements.  
 
7  
Separate segment disclosures for an equity method associate or joint venture are not required in a single financial report that contains both the financial statements of the investor and those of the associate or joint venture. Not relevant to Australia.  
 
84  
Effective date of IAS 14.