In response to stakeholders’ questions, the IASB released an exposure draft with proposed amendments to IAS 28, Investments in Associates and Joint Ventures.
The proposed amendments, according to a news release, come after questions on how to apply the standard’s equity method. They were added to clarify how to apply the method by answering application questions the IASB has received, the release said.
The IASB is also proposing new disclosure requirements designed to enhance the information companies provide about these investments.
These improvements to IAS 28, which was first published in 1989, are expected to reduce diversity in practice and provide users of financial statements with more comparable and useful information, according to the release.
The comment deadline on the proposed amendments is 20 January 2025. Following the consultation period, the IASB will consider the feedback and decide how to proceed.
Comments can be submitted online or emailed to commentletters@ifrs.org.
In another release, the IASB announced plans to review the nature and extent of perceived deficiencies in IAS, 7 Statement of Cash Flows, as part of its effort to improve the requirements for the statement of cash flows and related matters.
The IASB plans to discuss the initial research outcomes and determine next steps for this project in the first quarter of 2025.
GRI broadens upskilling opportunities in sustainability
The Global Reporting Initiative (GRI) Academy has developed four new training courses to educate sustainability reporting professionals. The courses, according to a news release, cover diverse topics and sectors to reflect the latest trends in the sustainability reporting landscape.
The training initiatives provide detailed examinations of the GRI’s standards for the coal, mining, and agricultural sector, along with updates in sustainability reporting.
IFAC strives to strengthen accounting’s contribution to the global economy
The International Federation of Accountants (IFAC), in collaboration with global partners, looks to increase the accounting profession’s impact in emerging economies in the coming years, a news release said. A “unified global approach” is expected to elevate the quality of financial management systems worldwide.
Signatories to the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration (MOSAIC) and other groups will work to develop the capacity of the accounting profession in emerging economies, the release said.
Earlier this year, IFAC examined the role of professional accountants in enabling transformative economic development in Africa.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.