The IASB’s amendments to IFRS 19, Subsidiaries Without Public Accountability: Disclosures, complete the board’s “catch-up work” on the standard, which will allow eligible subsidiaries to apply IFRS accounting standards with reduced disclosure requirements.
The revisions aim to reduce disclosure requirements for standards and amendments issued between February 2021 and May 2024, a news release said. According to the release, those standards include:
- IFRS 18, Presentation and Disclosure in Financial Statements;
- Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7);
- International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12);
- Lack of Exchangeability (Amendments to IAS 21); and
- Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7).
“With these amendments, IFRS 19 reflects the changes to IFRS accounting standards that take effect up to 1 January 2027, when IFRS 19 will be applicable,” the release said. “In the future, IFRS 19 will be amended at the same time as the IASB issues or revises other IFRS accounting standards.”
The revised standard is available to view online for those with an IFRS digital subscription.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.