Editorial

The IASB will soon start discussing its fourth agenda consultation, albeit it still has plenty of work to do as a result of the priorities that it set out following the last one. At that stage, the board acknowledged that it could not undertake much new work as a number of major projects were outstanding. Some of those projects have now been completed, including IFRS 18, Presentation and Disclosure in Financial Statements (published in April 2024), and a revised version of the Management Commentary Practice Statement. There are other projects, however, that remain as work in progress and are expected to be completed in the next 12 months. These include, for example, rate-regulated activities, and business combinations - goodwill and impairment. The third consultation resulted in the board prioritising two large projects: one on accounting for intangibles, and the other on cash flow statements. The board also decided to undertake a project on climate-related risks, because, as explained in the feedback statement, there was a perception of inconsistent application of IFRS standards to such risks, and that many companies provided insufficient information about them in financial statements.