For the year ended 31 December 2009, the Inchcape PLC (the Group) will be adopting IFRS 8 ‘Segmental Reporting’. IFRS 8 replaces IAS 14 ‘Segment Reporting’ and is effective for reporting periods beginning on or after 1 January 2009.
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to assess their performance and to allocate resources to the segments. These operating segments are then aggregated into reporting segments to combine those with similar characteristics. In contrast, the predecessor standard required the Group to identify two sets of segments (business and geographical), using a risks and rewards approach.
Under IFRS 8, the only change for the Group is that businesses previously reported within the Rest of the World segment under IAS 14 are reported within the other segments that best match the characteristics of each individual business. As a result, the Group’s reportable segments for 2009 will be as follows:
Distribution
Australasia
Europe
North Asia
South Asia
United Kingdom
Russia & Other Emerging Markets
Retail
Australasia
Europe
United Kingdom
Russia & Other Emerging Markets
These changes will require comparative segmental information to be restated accordingly. To access the restated segmental information for the years ending 31 December 2008, 31 December 2007 and the six months ended 30 June 2008 please select the relevant report under the related links section: Segmental Reports.
Year ending 31 December 2008 - download
