We examine the outcomes of a complex International Financial Reporting Standard with respect to misstatement risk and consequential audit fees. We focus on Financial Reporting Standard (IFRS) 8, Operating Segments because it is an example of a complex accounting standard that requires considerable judgment and discretion by preparers of financial statements in implementing the standard. We classify segment information as total disclosures and different disclosure categories based on mandatory/voluntary and hard/soft information. We find that misstatement risk is significantly higher for total segment disclosure, mandatory, hard and soft disclosure. These results are supported by increased audit fees for total segment disclosure, mandatory, hard and soft segment disclosures. No significant relation exists between voluntary disclosure and misstatement risk and voluntary disclosure and audit fees. Further exploratory tests reveal that these results apply to Big4 and non-Big4 auditors.