The Australian Accounting Standards Board (AASB), the Malaysian Accounting Standards Board (MASB), and CPA Australia have released a report addressing critical accounting challenges.
Titled “AASB Research Report 24 / MASB Research Report 3”, the document draws on a collaborative survey conducted in January 2025 and a review of published financial statements.
The joint report provided insights into stakeholder perspectives on accounting issues requiring attention and prioritisation.
Its findings aim to contribute to the International Accounting Standards Board (IASB) as it prepares for its Fourth Agenda Consultation.
The research is structured in two parts: Part A focuses on IASB Agenda Priorities, while Part B examines Segment Reporting Analysis.
In the IASB Agenda Priorities section, stakeholder feedback highlighted key areas for the IASB’s consideration.
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By GlobalDataThese included improving operating segment reporting, introducing standardised pollutant pricing disclosures, and revisiting high-priority topics such as cryptocurrency accounting standards and going concern disclosures.
Stakeholders also noted inconsistencies in areas such as discount rates, contingent consideration, and government grants, calling for clearer guidance, the report said.
Additionally, stakeholders called for an emphasis on improving connectivity between the IASB and the International Sustainability Standards Board (ISSB) to better align financial and sustainability reporting.
The Segment Reporting Analysis section compared segment disclosures by the top 50 listed entities on the Australian Securities Exchange (ASX) and Bursa Malaysia (BM).
The findings suggested that IFRS 8 Operating Segments is generally well-applied, with disclosures aligning with internal reporting structures.
However, the report recommends greater clarity in identifying the Chief Operating Decision Maker (CODM) and defining segmentation bases to improve international comparability.
Earlier in May 2025, CPA Australia and the Australian Computer Society signed a memorandum of understanding to enhance career prospects for IT and accounting professionals.
