[Global Financial Insights] IFRS Releases Agenda Decisions Compilation—Volume 11

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IFRS Releases Agenda Decisions Compilation—Volume 11

The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). IFRS aims to provide a common framework for financial reporting that enhances transparency, accountability, and efficiency in financial markets globally.

The IFRS Interpretations Committee has published the 11th compilation of Agenda Decisions, encompassing all decisions made between May 2024 and October 2024. Each decision clarifies why specific submitted questions did not result in the addition of a standard-setting project to the work plan. For easy reference, the decisions are categorized by date and by topic by the IFRS Accounting Standard.

In this Agenda the IFRS Interpretations Committee addressed a request regarding the application of paragraph 23 of IFRS 8 concerning the disclosure of specified amounts related to segment profit or loss for reportable segments. The request included three main questions:

• Disclosure Requirements: Is an entity required to disclose specified amounts in paragraph 23(a)–(i) of IFRS 8 for each reportable segment if these amounts are not separately reviewed by the chief operating decision maker (CODM)?
• Specified Amounts and IFRS Compliance: Should an entity disclose specified amounts in paragraph 23(f) of IFRS 8 if it presents or discloses those amounts under other IFRS requirements instead of paragraph 97 of IAS 1?
• Determining Material Items: How should an entity identify ‘material items’ in paragraph 23(f) of IFRS 8, specifically regarding:

1. 1. Whether materiality is based solely on qualitative criteria,
   2. If material items can include aggregations of quantitatively immaterial amounts,
   3. Whether the materiality assessment is performed at the income statement level or at the segment level.

The Committee, therein concluded that the principles and requirements in IFRS Accounting Standards provide an adequate basis for an entity to apply the disclosure requirements in paragraph 23 of IFRS 8.

Consequently, the Committee decided not to add a standard-setting project to the work plan.

Source: International Financial Reporting Standards

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