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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 

 
Developments
  • AASB Developments
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    • September 2007 
      AASB 2007-8 Amendments to Australian Accounting Standards arising from AASB 101 makes consequential 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 amends paragraphs Aus1.2 and Aus1.3 to require that AASB 114 does not apply to for-profit government departments. It is applicable from 1 July 2008, with early adoption permitted from 1 January 2005.
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    • March 2008 
      AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 amends paragraph 16 to refer to ‘non-controlling interest’ instead of ‘minority interest’. It is applicable from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and the amendments to AASB 127 are also early adopted.
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 as the current AASB 114 does.
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  • Measurement of segment information is based on the measures provided to management, rather than being defined by the standard 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
  • July 2004: AASB 114 was issued
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  • September 2005: AASB 2005-10 amends paragraphs 27, 27(a), 27(b), 28, 30-33, 46 and 74. This standard is applicable from 1 January 2007, with early adoption permitted from 1 January 2005.
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  • February 2007: AASB 8 Operating Segments is effective from 1 January 2009 (with early adoption permitted), and will supersede AASB 114 from this date.
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  • April 2007: AASB 2007-4 amends paragraphs 16, 33 and Appendix A. This standard is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
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.