The International Accounting Standards Board (IASB) has published an exposure draft IASB/ED/2024/8 'Provisions - Targeted Improvements (Proposed amendments to IAS 37)'. Comments are requested by 12 March 2025.
Background
While the need for a revision of IAS 37 Provisions, Contingent Liabilities and Contingent Assets was considered by the IASB for many years, research on the current project was taken up in 2015 and the project was moved from the research pipeline to the IASB's active research agenda in December 2018.
By that time, some of the originally perceived problems had been addressed as part of other projects or had been remedied by the revised Conceptual Framework, so that only targeted improvements remained to be made.
By January 2020, the IASB had narrowed down the problems identified enough to move the project to its standard-setting agenda with the aim of making three targeted improvements to IAS 37 regarding: