Report with Key Messages from the March 2025 IFASS Meeting Now Available
The report from the March 2025 IFASS meeting, held in Naples, Italy, is now available. This was EFRAG SR TEG Chair Chiara Del Prete’s final meeting as IFASS Chair.
The meeting was co-sponsored by Organismo Italiano di Contabilità (OIC-Italy) and EFRAG with support from Societa Italiana dei Docenti di Regioneria e di Economia Aziendale (SIDREA) and KPMG Italy.
The meeting covered a range of financial reporting, sustainability reporting, and other cross-cutting topics.
Financial Reporting Topics
Updates from the IASB and several jurisdictional national standard setters, including the Korean Accounting Institute (KAI), the Financial Reporting Council of the UK (FRC-UK), OIC-Italy, Zimbabwe Public Accountants and Auditors Board (PAAB), and the Group of Latin American Accounting Standards Setters (GLASS)
Cash-flow reporting
Consistent application, including the role of IFRS Interpretations Committee (IFRS IC)
Provisions – Targeted Improvements
IFRS for SMEs
Equity Method – is a fundamental review needed?
Intangible Assets
Addressing key accounting challenges
Sustainability Reporting Topics
Macro trends in ESG and sustainability reporting
Biodiversity, ecosystems, and ecosystem services
Updates from the ISSB, EFRAG, GRI and various jurisdictions, including Brazil (CFC - Conselho Federal de Contabilidade), Switzerland (Swiss GAAP FER-Swiss Generally Accepted Accounting Principles) and China (ARDF-Accounting Regulatory Department of the Ministry of Finance).
Sector classification/ SASB Standards update
GHG protocol presentation
OECD SME Initiative and VSME
The ‘S’ in ESG – focus on human capital
Cross-Cutting Topics
AI and digital technologies in standard setting – from promise to reality
Connectivity of financial statements and sustainability reporting – practical implications
World Intangible Capital Initiative (WICI) Strategic Intangibles Initiative (SII)