📊IASB Completes Catch-Up Work on IFRS 19
The IASB has just wrapped up its catch-up work on IFRS 19, making life a tad easier for subsidiaries with fewer public accountability demands. Expect reduced disclosure requirements for several key standards.
Key Points
- •📅 Issued: IFRS 19 was initially rolled out in May 2024
- •📉 Reduced Disclosures: Applies to standards and amendments from Feb 2021 to May 2024
- •📊 Specific Standards: Includes IFRS 18, IAS 7, IFRS 7, IAS 12, IAS 21, IFRS 9, and more
- •⏳ Effective Date: Changes take effect up to January 1, 2027
- •🔄 Future Updates: IFRS 19 will be updated alongside new or revised IFRS standards
📜 The Basics
The International Accounting Standards Board (IASB) has just issued amendments to IFRS 19, known as Subsidiaries without Public Accountability: Disclosures. This completes their catch-up work on the standard, which initially rolled out in May 2024. The goal? To make it easier for eligible subsidiaries to apply IFRS Accounting Standards with fewer disclosure requirements.
📝 What's New?
The amendments target standards and amendments issued between February 2021 and May 2024. Specifically, these changes affect:
- 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)
- Amendments to the Classification and Measurement of Financial Instruments: (Amendments to IFRS 9 and IFRS 7)
Bold move: These amendments mean that IFRS 19 will now reflect all changes to IFRS Accounting Standards that will take effect up to January 1, 2027.
🔮 Looking Ahead
Going forward, IFRS 19 will be amended in tandem with any new or revised IFRS Accounting Standards. This means that eligible subsidiaries can breathe a little easier, knowing they'll always be up to date with the latest disclosure requirements.