Accounting and Capital Markets Round-Up
October 2024
Hi,
Here are your articles on accounting updates for the month.
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Understanding the impact of recent IFRIC® agenda decision on segment reporting
In July 2024, the International Accounting Standards Board (IASB) agreed to publish the IFRS® Interpretations Committee’s agenda decision clarifying certain requirements for segment disclosures. As a result of the agenda decision, many entities might need to increase the amount of information provided in their segment disclosures. Entities should start considering immediately whether changes are needed to their segment disclosures in their 31 December 2024 financial statements. Read our Snapshot to find out more.
The International Accounting Standards Board (IASB) proposed amendments to IAS 28 to answer application questions on the equity method
On 19 September 2024, the IASB published the Exposure Draft (“ED”) on IAS 28 which proposes amendments to answer application questions about how to apply the equity method of accounting. The proposed amendments, among other things, states:
- Investors shall recognise full gains or losses from all transactions with its associates or joint ventures.
- The equity-accounted carrying amounts of the investment in subsidiaries in a parent’s separate financial statements under the proposed amendments would be different compared to the subsidiaries’ carrying amounts included in the parent’s consolidated financial statements.
- An investor with a net investment reduced to nil must continue to recognise its share of an associate's or joint venture's profit or loss and other comprehensive income separately.
We encourage you to share your comments on the questions asked in this ED. Comments should be submitted to the IASB by 20 January 2025 or shared with the Malaysian Accounting Standards Board by 20 December 2024.
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