Updating the Subsidiaries without Public Accountability: Disclosures Standard

​The IASB published its new standard Subsidiaries without Public Accountability: Disclosures (‘the Subsidiaries Standard’) in May 2024. The application of this new standard will be voluntary for eligible subsidiaries and will permit the use of the recognition, measurement and presentation requirements of IFRS Accounting Standards with reduced disclosure requirements. 

The IASB developed the Subsidiaries Standard by considering issued IFRS Accounting Standards as at 28 February 2021. For all new or amended standards proposed or issued between this date and the publication date of the Subsidiaries Standard, the IASB decided that all changes will be dealt in a separate project Updating the Subsidiaries without Public Accountability: Disclosures. In addition to Primary Financial Statements, Supplier Finance Arrangements, Lack of Exchangeability etc, Rate-regulated Activities has to be covered. The IASB is expected to publish an exposure draft of proposed amendments to the Subsidiaries Standard in July 2024.