IASB issues IFRS 19 Subsidiaries without Public Accountability: Disclosures

On 9 May 2024, the International Accounting Standards Board (IASB) issued IFRS 19 Subsidiaries without Public Accountability: Disclosures, which permits eligible subsidiaries to provide reduced disclosures while applying the recognition, measurement and presentation requirements in IFRS^® Accounting Standards.
An entity would be eligible to apply IFRS 19 in its consolidated, separate or individual financial statements if it meets the eligibility criteria at the end of the reporting period.
The eligibility criteria are:

the entity is a subsidiary (as defined in Appendix A of IFRS 10 Consolidated Financial Statements);
the entity does not have public accountability; and
the entity has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

An entity has public accountability if:

its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market; or
it holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses.

An entity is permitted to elect to apply IFRS 19 more than once. An entity that has elected to apply IFRS 19 may later revoke that election.
IFRS 19 is effective for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted.
The IASB’s project page contains all published documents related to IFRS 19.

BDO has published a web article that provides further information on the requirements of IFRS 19. The web article may be accessed here.