The International Accounting Standards Board (IASB), the body saddled with the responsibility of issuing International Financial Reporting Standards (IFRS) in it’s usual practice had its monthly meeting for January 2025 on 28th and 29th of January 2025.
This article discusses the main Agenda points discussed in the meeting as well as the summary of issues discussed.
During the meeting, th
IASB January 2025 Meeting Agenda
1. Work plan overview
IASB work plan update (Agenda Paper 8)
2. Research and standard-setting
Pollutant Pricing Mechanisms (Agenda Paper 10)
Business Combinations—Disclosures, Goodwill and Impairment (Agenda Paper 18)
3. Maintenance and consistent application
Consistent application activities (Agenda Paper 12)
Classification of Cash Flows related to Variation Margin Calls on ‘Collateralised-to-Market’ Contracts (IAS 7) (Agenda Paper 12A)
IFRIC Update November 2024 (Agenda Paper 12B)
Provisions—Targeted Improvements (Agenda Paper 22)
Updating IFRS 19 Subsidiaries without Public Accountability: Disclosures (Agenda Paper 32)
Summary Of Major Items Discussed in The Meeting
The following are summary of some of the major items discussed;
1. IAS 29 Financial Reporting in Hyperinflationary Economies—Feedback (Agenda Paper 8A)
The IASB discussed stakeholders’ concerns and challenges related to applying IAS 29 Financial Reporting in Hyperinflationary Economies, which were identified through horizon scanning.
The IASB will test the draft framework and seek further feedback on the framework from the Due Process Oversight Committee of the Trustees of the IFRS Foundation.
2. Pollutant Pricing Mechanisms (Agenda Paper 10)
The IASB discussed whether to add a project on pollutant pricing mechanisms to its work plan or defer the decision until the next agenda consultation.
The board decided to defer the decision until the agenda consultation.
Therefore a project on pollutant pricing mechanisms remains on the IASB’s reserve list of projects and the IASB will continue to monitor the topic.
3. Business Combinations—Disclosures, Goodwill and Impairment (Agenda Paper 18)
The IASB discussed stakeholder feedback on the Exposure Draft Business Combinations—Disclosures, Goodwill and Impairment. The IASB also discussed its plan to redeliberate the proposals in the Exposure Draft.
The IASB will begin re-deliberating the proposals in the Exposure Draft.
4. Updating IFRS 19 Subsidiaries without Public Accountability: Disclosures (Agenda Paper 32)
The IASB discussef feedback on its Exposure Draft Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures, which sets out proposed amendments to IFRS 19 for new and amended IFRS Accounting Standards issued between February 2021 and May 2024.
The IASB will consider the feedback, and whether it should change any of its proposals, at a future meeting.
For a detailed summary of the. discussions and decisions of the board during the meeting click here