Annual Improvements to IFRSs The IASB released an Exposure Draft (ED) in May 2012 titled Annual Improvements to IFRSs: 2010 – 2012 Cycle. This IASB publication is intended to invite comment on changes that might improve various standards. The ED is available on the IASB website.
Read the ED and respond to the following questions:
(a) What are the general questions raised by the ED? Why might these questions add value to the development of Canadian GAAP?
(b) Discuss the amendments proposed for IFRS 8 Operating Segments.
(c) Do the changes to IFRS 8 result in standards that are more easily used? Without these changes could the same treatment be achieved? What would the process be for determining the correct treatment?