IFRS 19 – Simplifying financial reporting for eligible subsidiaries

Following April’s release of IFRS 18 Presentation and Disclosure in Financial Statements, the International Accounting Standards Board (IASB) has published another new standard – IFRS 19 Subsidiaries without Public Accountability: Disclosures (the Standard).

The new Standard creates a reduced set of disclosures that certain in-scope entities can elect to apply instead of the disclosure requirements set out in other IFRS.

IFRS 19 will work alongside other IFRS, with eligible subsidiaries applying the measurement, recognition and presentation requirements set out in other IFRS and the revised disclosures outlined in IFRS 19.

The objective of the Standard is to alleviate the reporting burden for subsidiaries without public accountability.