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AASB 8 - Operating Segments
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Key Differences 
AASB 8 supersedes AASB 114 Segment Reporting. The key differences between AASB 8 and AASB 114 are:
  • AASB 8 adopts a management reporting approach to identify operating segments and does not require identification of primary segments and secondary segments
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  • Measurement of segment information is based on the measures provided to management, ie. AASB 8 does not define the measures required to be reported for each reportable operating segment
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  • AASB 8 requires disclosure of reconciliations between the total reportable measures of operating segments and totals amounts as per the financial report, explanations on how operating segments are determined and how the measures used are determined and entity-wide disclosures (which apply regardless of whether operating segments exist or not).
History 
  • February 2007: AASB 8 was issued and replaces AASB 114 Segment Reporting. 
    September 2007: AASB 2007-8 was issued and makes amendments arising from the issuance of the revised AASB 101. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided the revised AASB 101 is also early adopted.
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  • December 2007: AASB 2007-9 Amendments to Australian Accounting Standards arising from the Review of AAS 27, AAS 29 and AAS 31 was issued to clarify that for-profit government departments are outside the scope of AASB 8. This standard is applicable from 1 July 2008, with early adoption permitted.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.