25/05/2024
IASB issues IFRS 19 Subsidiaries without Public Accountability: Disclosures
IASB simplifies financial reporting for eligible subsidiary companies with new IFRS Accounting Standard.
IFRS 19 reduces costs in the financial reporting ecosystem, especially for companies, while meeting users’ information needs. It simplifies the reporting for subsidiaries by permitting the global financial reporting language to be applied throughout the group.
Subsidiaries are eligible to apply IFRS 19i if they do not have public accountability and their parent company applies IFRS Accounting Standards in their consolidated financial statements. A subsidiary does not have public accountability if it does not have equities or debt listed on a stock exchange and does not hold assets in a fiduciary capacity for a broad group of outsiders.
New Standard IFRS 18 Presentation and Disclosure in Financial Statements April 25
Ref: IFRS 18&19
