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BASIS FOR CONCLUSIONS ON IFRS 8 ENTITY WIDE DISCLOSURES: The IFRS requires an entity to disclose geographical information about non-current assets, excluding specified items. The Board considered comments made by some respondents who advocated country-by-country disclosure, others who requested specific items of geographical information to be disclosed, and some who expressed reservations with the proposed requirement relating to disclosure of country of domicile.

A coalition of over 300 organisations from more than 50 countries known as the Publish What You Pay campaign requested that the scope of the IFRS should be extended to require additional disclosure on a country-by-country basis.

The objective of such additional disclosure would be to promote greater transparency in the management of amounts paid by the oil, gas and mining industries to governments in developing or transitional countries that are resource-rich. The view of these campaigners was that publication of specific payments made by those companies to governments is in the interest of all users of financial statements.


Because the IFRS is being developed in a short–term convergence project to converge with SFAS 131, the Board decided that issues raised by the Publish What You Pay campaign relating to country-by-country disclosures should not be addressed in the IFRS. The Board was of the view that such issues merit further discussion with bodies that are currently engaged in similar issues, for example the United Nations, International Public Sector Accounting Standards Board, International Monetary Fund, World Bank, regional development banks and Financial Stability Forum.

Exemption from entity-wide disclosures
BC51 Several respondents suggested different geographical disclosures from those proposed in ED 8. For example, some preferred disclosures by geographical areas rather than by individual country. Others favoured geographical disclosure of profit or loss as well as non-current assets. Several respondents expressed the view that disclosure of total assets would be more relevant than
on-current assets. Some took the view that disclosures should be made of both current and non-current assets. Other respondents recommended that financial assets should be disclosed as well as non-current assets. Some respondents expressed the view that disclosure of non-current assets should not be required if those amounts are not reviewed by the chief operating decision maker.

In developing ED 8, the Board decided to adopt the requirements in SFAS 131. The Basis for Conclusions on SFAS 131 provide the rationale for the geographical disclosures required.

None of the suggested alternative disclosures was broadly supported by the user responses. The Board noted that entities that wish to give additional information are free to do so. The Board therefore concluded that the disclosure requirement taken from SFAS 131 should not be changed.

BASIS FOR CONCLUSIONS ON IFRS 8 SCOPE OF THE STANDARD: In the Basis for Conclusions on ED 8, the Board noted that the primary benefits of adopting the management approach in SFAS 131 are that:

      (a) entities will report segments that correspond to internal management reports;
        (b) entities will report segment information that will be more consistent with other parts of their annual reports;
        (c) some entities will report more segments; and
                (d) entities will report more segment information in interim financial reports.

    In addition, the Board noted that the proposed IFRS would reduce the cost of providing disaggregated information for many entities because it uses segment information that is generated for management’s use.

    Most respondents to the Exposure Draft supported the adoption of the  management approach. They considered the management approach appropriate, and superior to the approach of IAS 14. These respondents observed that the management approach for segment reporting allows users to review an entity’s operations from the same perspective as management. They noted that although the IAS 14 approach would enhance comparability by requiring entities to report segment information that is consistent with IFRSs, the disclosures will not necessarily correspond to segment information that is reported to management and is used for making decisions.


    Yet other respondents agreed with the management approach for the identification of segment assets, but disagreed with the management approach
    for the measurement of the various segment disclosures. In particular, they doubted whether the publication of internally reported amounts would
    generate significant benefit for investors if those amounts differ from IFRS amounts.

    The Board noted that if IFRS amounts could be prepared reliably and on a timely basis for segments identified using the management approach, that approach would provide the most useful information. However, the Board observed that IFRS amounts for segments cannot always be prepared on a sufficiently timely basis for interim reporting.

    The Board also noted the requirements in the IFRS for an explanation of the measurements of segment profit or loss and segment assets and for reconciliations of the segment amounts to the amounts recognised in the entity’s financial statements. The Board was satisfied that users would be able to understand and judge appropriately the basis on which the segment amounts were determined.

    BASIS FOR CONCLUSIONS ON IFRS 8 ENTITY WIDE DISCLOSURES provides India’s top IFRS faculty video classes – online & in Pen Drive/ DVD – at very cost effective rates. Get IFRS Video classes from  to do a great preparation for primary Student.

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