Internal Code: 1HAIB
In this assignment you are required to teach yourself the requirements of AASB 8/IFRS 8 Operating Segments and explore their application in the context of the entity BHP Billiton. BHP’s financial statements can be accessed at:
In preparation for the assignment you will need to study the requirements of AASB 8/ IFRS 8 Operating Segments. Please note that the AASB has adopted IFRSs for application by entities reporting under the Corporations Act 2001 for annual reporting periods beginning on or after 1 January 2005. Thus, general purpose financial statements, prepared by for-profit entities in accordance with AASB standards, will also be in accordance with IFRSs (i.e. for-profit entities complying with IFRS 8 also comply with AASB 8). A copy of AASB 8 can be found in Accounting Handbook 2017 or at the Australian Accounting Standards Board’swebsite:
You will find it very helpful to extensively research the issues raised in the assignment including media stories and academic literature. Such research will be explicitly rewarded when assessing your assignment. In completing your assignment you must, where relevant, support your comments with references to specific paragraphs of AASB 8/IFRS 8 Operating Segments and any other relevant pronouncement.
Assume that you are currently working in the accounting department as a senior accountant for a multinational firm offering investment advisory services. The chief financial officer, Mr Steve Swanson asked you to review the operating segment disclosures in BHP Billiton’s annual reports from 2014 to 2017 and prepare a report for the security analyst team in the investment research department. Mr Steve Swanson requested that the report should include the analysis and evaluation on the performance of each BHP Billiton’s operating segment. In particular, it was advised that the report should address how each BHP Billiton’s operating segment has contributed to the financial performance and financial position of BHP Billiton over the period from 2014 – 2017.
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