diff --git a/compiler/ir/serialization.common/src/org/jetbrains/kotlin/backend/common/serialization/IrFileSerializer.kt b/compiler/ir/serialization.common/src/org/jetbrains/kotlin/backend/common/serialization/IrFileSerializer.kt
index 1e0b1d34a26..ed17fbcef2a 100644
--- a/compiler/ir/serialization.common/src/org/jetbrains/kotlin/backend/common/serialization/IrFileSerializer.kt
+++ b/compiler/ir/serialization.common/src/org/jetbrains/kotlin/backend/common/serialization/IrFileSerializer.kt
@@ -113,7 +113,7 @@ open class IrFileSerializer(
     private val languageVersionSettings: LanguageVersionSettings,
     private val bodiesOnlyForInlines: Boolean = false,
     private val normalizeAbsolutePaths: Boolean = false,
-    private val skipPrivateApi: Boolean = false,
+    private val publicAbiOnly: Boolean = false,
     private val sourceBaseDirs: Collection<String>
 ) {
     private val loopIndex = hashMapOf<IrLoop, Int>()
@@ -1003,7 +1003,7 @@ open class IrFileSerializer(
     private fun serializeIrDeclarationBase(declaration: IrDeclaration, flags: Long?): ProtoDeclarationBase {
         return with(ProtoDeclarationBase.newBuilder()) {
             symbol = serializeIrSymbol((declaration as IrSymbolOwner).symbol, isDeclared = true)
-            coordinates = if (skipPrivateApi && !isInsideInline) 0L else serializeCoordinates(declaration.startOffset, declaration.endOffset)
+            coordinates = if (publicAbiOnly && !isInsideInline) 0L else serializeCoordinates(declaration.startOffset, declaration.endOffset)
             addAllAnnotation(serializeAnnotations(declaration.annotations))
             flags?.let { setFlags(it) }
             originName = serializeIrDeclarationOrigin(declaration.origin)
@@ -1041,7 +1041,7 @@ open class IrFileSerializer(
 
     private fun serializeIrFunctionBase(function: IrFunction, flags: Long): ProtoFunctionBase {
         val isInsideInlineBefore = isInsideInline
-        isInsideInline = isInsideInline || function.isInline
+        isInsideInline = function.isInline || isInsideInlineBefore
 
         val proto = ProtoFunctionBase.newBuilder()
             .setBase(serializeIrDeclarationBase(function, flags))
@@ -1061,7 +1061,7 @@ open class IrFileSerializer(
             proto.addValueParameter(serializeIrValueParameter(it))
         }
 
-        if (!bodiesOnlyForInlines || isInsideInline) {
+        if (!bodiesOnlyForInlines || function.isInline || (publicAbiOnly && isInsideInline)) {
             function.body?.let { proto.body = serializeIrStatementBody(it) }
         }
         isInsideInline = isInsideInlineBefore
@@ -1204,7 +1204,7 @@ open class IrFileSerializer(
 
     private fun serializeIrErrorDeclaration(errorDeclaration: IrErrorDeclaration): ProtoErrorDeclaration {
         val proto = ProtoErrorDeclaration.newBuilder()
-            .setCoordinates(if (skipPrivateApi) 0L else serializeCoordinates(errorDeclaration.startOffset, errorDeclaration.endOffset))
+            .setCoordinates(if (publicAbiOnly) 0L else serializeCoordinates(errorDeclaration.startOffset, errorDeclaration.endOffset))
         return proto.build()
     }
 
@@ -1273,7 +1273,7 @@ open class IrFileSerializer(
     open fun backendSpecificMetadata(irFile: IrFile): FileBackendSpecificMetadata? = null
 
     private fun skipIfPrivate(declaration: IrDeclaration) =
-        skipPrivateApi && (declaration as? IrDeclarationWithVisibility)?.let { !it.visibility.isPublicAPI && it.visibility != INTERNAL } == true
+        publicAbiOnly && (declaration as? IrDeclarationWithVisibility)?.let { !it.visibility.isPublicAPI && it.visibility != INTERNAL } == true
                 // Always keep private interfaces and type aliases as they can be part of public type hierarchies.
                 && (declaration as? IrClass)?.isInterface != true && declaration !is IrTypeAlias
 
@@ -1359,7 +1359,7 @@ open class IrFileSerializer(
             proto.addDeclarationId(sigIndex)
         }
 
-        proto.setFileEntry(serializeFileEntry(file.fileEntry, includeLineStartOffsets = !(skipPrivateApi && protoBodyArray.isEmpty())))
+        proto.setFileEntry(serializeFileEntry(file.fileEntry, includeLineStartOffsets = !(publicAbiOnly && protoBodyArray.isEmpty())))
 
         // TODO: is it Konan specific?
 
diff --git a/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrFileSerializer.kt b/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrFileSerializer.kt
index 6be29dd1f25..0acf35cfaa1 100644
--- a/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrFileSerializer.kt
+++ b/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrFileSerializer.kt
@@ -22,12 +22,12 @@ class KonanIrFileSerializer(
     compatibilityMode: CompatibilityMode,
     normalizeAbsolutePaths: Boolean,
     sourceBaseDirs: Collection<String>,
-    skipPrivateApi: Boolean = false,
+    publicAbiOnly: Boolean = false,
 ) : IrFileSerializer(
     declarationTable,
     compatibilityMode,
     languageVersionSettings,
-    skipPrivateApi = skipPrivateApi,
+    publicAbiOnly = publicAbiOnly,
     bodiesOnlyForInlines = bodiesOnlyForInlines,
     normalizeAbsolutePaths = normalizeAbsolutePaths,
     sourceBaseDirs = sourceBaseDirs
diff --git a/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrModuleSerializer.kt b/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrModuleSerializer.kt
index ab393a2ab5d..79b15299a7e 100644
--- a/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrModuleSerializer.kt
+++ b/compiler/ir/serialization.native/src/org/jetbrains/kotlin/backend/konan/serialization/KonanIrModuleSerializer.kt
@@ -21,7 +21,7 @@ class KonanIrModuleSerializer(
         sourceBaseDirs: Collection<String>,
         private val languageVersionSettings: LanguageVersionSettings,
         private val bodiesOnlyForInlines: Boolean = false,
-        private val skipPrivateApi: Boolean = false,
+        private val publicAbiOnly: Boolean = false,
         shouldCheckSignaturesOnUniqueness: Boolean = true,
 ) : IrModuleSerializer<KonanIrFileSerializer>(
         diagnosticReporter,
@@ -50,6 +50,6 @@ class KonanIrModuleSerializer(
                     compatibilityMode = compatibilityMode,
                     normalizeAbsolutePaths = normalizeAbsolutePaths,
                     sourceBaseDirs = sourceBaseDirs,
-                    skipPrivateApi = skipPrivateApi
+                    publicAbiOnly = publicAbiOnly
             )
 }
diff --git a/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/FirNativeSerializer.kt b/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/FirNativeSerializer.kt
index dac634c61f5..185b1657d86 100644
--- a/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/FirNativeSerializer.kt
+++ b/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/FirNativeSerializer.kt
@@ -71,7 +71,7 @@ internal fun PhaseContext.firSerializerBase(
                         sourceBaseDirs = sourceBaseDirs,
                         languageVersionSettings = languageVersionSettings,
                         bodiesOnlyForInlines = produceHeaderKlib,
-                        skipPrivateApi = produceHeaderKlib,
+                        publicAbiOnly = produceHeaderKlib,
                         shouldCheckSignaturesOnUniqueness = shouldCheckSignaturesOnUniqueness,
                 )
             },
diff --git a/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/driver/phases/Serializer.kt b/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/driver/phases/Serializer.kt
index cc5ff8cabf2..a3a1798fd82 100644
--- a/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/driver/phases/Serializer.kt
+++ b/kotlin-native/backend.native/compiler/ir/backend.native/src/org/jetbrains/kotlin/backend/konan/driver/phases/Serializer.kt
@@ -48,7 +48,7 @@ internal val SerializerPhase = createSimpleNamedCompilerPhase<PhaseContext, Seri
                 sourceBaseDirs = relativePathBase,
                 languageVersionSettings = config.languageVersionSettings,
                 bodiesOnlyForInlines = input.produceHeaderKlib,
-                skipPrivateApi = input.produceHeaderKlib,
+                publicAbiOnly = input.produceHeaderKlib,
         ).serializedIrModule(ir)
     }