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In less than two months after publishing IFRS 18, the IASB published a new standard (IFRS 19) with the aim of simplifying disclosure requirements for certain subsidiaries.
IFRS 19 is focused on the disclosures within the financial statements of subsidiaries only. And is not to be confused with the disclosure requirements of the Parent company. It is also important to note that it is not all subsidiaries that are eligible to use the requirements of IFRS 19.
IFRS 19 aims to strike a balance between providing useful information to users of the subsidiary's financial statements while reducing the reporting burden for the subsidiary.
The eligibility is such that the subsidiary must:
- not have public accountability (e.g., not be publicly traded).
- have an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.
IFRS 19 simply helps these subsidiaries to reduce the disclosure requirements by offering a simplified set of disclosure requirements instead of the full set outlined in other IFRS Standards.
The effective date of IFRS 19 is for annual periods beginning on or after January 1, 2027 with early application permitted.
This blog post compiles for you guidance made available by thought leaders to help you with the learning and understanding of IFRS 19 Subsidiaries without Public Accountability: Disclosures.
Click the links below to download them.
IFRS 19 Subsidiaries without Public Accountability: Disclosures:
IFRS 19 Pdf
Source: KPMG
KPMG IFRS 19 Subsidiaries without Public Accountability: Disclosures pdf
Source: BDO
BDO IFRS 19 Subsidiaries without Public Accountability: Disclosures pdf
Source: EY
EY IFRS 19 Subsidiaries without Public Accountability: Disclosures pdf
Source: Deloitte
Deloitte IFRS 19 Subsidiaries without Public Accountability: Disclosures pdf
Source: IASB
IASB IFRS 19 Subsidiaries without Public Accountability: Disclosures pdf
IFRS 19 Disclosure checklist/Practice Aid
Source: IASB
Source: PwC
Source: IASB
PS: The "Source" represents the owners of the files shared above (downloaded from their public domain as made publicly available by them) and compiled in a downloadable folder here by IFRS IS EASY for your convenience and learning.
Share your experience in the comment section below about learning and understanding IFRS 19.