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Sri Lanka Accounting Standard-SLFRS 8 Operating Segments SLURS 8 CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-SLFRS 8 OPERATING SEGMENTS CORE PRINCIPLE 1 SCOPE 2 4 OPERATING SEGMENTS 5 10 REPORTABLE

How to fill out slfrs 8

How to fill out SLFRS 8:

1. Familiarize yourself with the requirements: Start by understanding the scope and purpose of SLFRS 8. Read the standard thoroughly to gain a comprehensive understanding of the principles and criteria involved.
2. Identify the operating segments: Determine the operating segments of the reporting entity. This entails assessing how the business is organized and identifying the components that engage in activities from which they may earn revenues and incur expenses directly.
3. Evaluate aggregation criteria: Analyze whether two or more operating segments can be combined into a single reportable segment. Consider factors such as similarities in nature of products and services, production processes, types or classes of customers, regulatory environment, and economic characteristics.
4. Prepare segment information: Gather relevant financial and non-financial information for each identified operating segment. This includes revenues, expenses, assets and liabilities attributable to the segment, and additional qualitative disclosures.
5. Determine reportable segments: Assess which operating segments meet the quantitative thresholds specified in SLFRS 8 to be deemed reportable. Generally, if an operating segment's revenue exceeds 10% of the total revenue of all operating segments, it is considered a reportable segment.
6. Disclose segment information: Present the segment information according to the prescribed format in SLFRS 8. This includes disclosing segment revenues, results, assets, liabilities, and other relevant financial and non-financial information.

Who needs SLFRS 8:

1. Publicly listed companies: SLFRS 8 is primarily relevant for publicly listed companies that are required to comply with International Financial Reporting Standards (IFRS). These companies need to disclose segment information in their financial statements to provide transparency regarding their operations.
2. Large private companies: Depending on the jurisdiction and reporting requirements, large private companies may also be obligated to adopt SLFRS 8. This ensures consistency and comparability in financial reporting practices within the business environment.
3. Analysts and investors: SLFRS 8 provides valuable information for analysts and investors to assess a company's performance, risk profile, and future prospects. The segment disclosures help these stakeholders understand how different parts of the business contribute to overall results and the associated risks and opportunities.
4. Regulators and standard-setters: Regulators and standard-setters utilize SLFRS 8 to establish guidelines for financial reporting, ensuring that companies comply with best practices and provide accurate and relevant information. These entities consider segment reporting as a crucial element for assessing a company's financial health and transparency.

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What is slfrs 8?

slfrs 8 stands for Sri Lanka Financial Reporting Standard 8, which is a standard that sets out requirements for companies to disclose information about their operating segments in their financial statements.

Who is required to file slfrs 8?

Companies that are required to comply with Sri Lanka Financial Reporting Standards are required to file slfrs 8.

How to fill out slfrs 8?

Companies must identify their operating segments, measure and report segment revenue, segment expenses, segment assets, and segment liabilities, and provide additional disclosures as required by the standard.

What is the purpose of slfrs 8?

The purpose of slfrs 8 is to provide information to users of financial statements about the nature and financial effects of the business activities in which the company engages and the economic environments in which it operates.

What information must be reported on slfrs 8?

Companies must report information about their operating segments, including segment revenue, segment expenses, segment assets, and segment liabilities.