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In July 2021, the International Accounting Standards Board (Board) published the Exposure Draft Subsidiaries without Public Accountability: Disclosures. The Exposure Draft sets out the Board’s proposals for a new IFRS Standard that would permit eligible subsidiaries to apply IFRS Standards with reduced disclosure requirements in their financial statements.

The deadline for submitting comments on the Exposure Draft is 31 January 2022. The Board will consider feedback on the Exposure Draft in developing the IFRS Standard.

IASB® Update May 2021

The Board met on 24 May 2021 to discuss sweep issues identified in drafting the Exposure Draft Subsidiaries without Public Accountability: Disclosures. 

The Board tentatively decided to propose an entity disclose its material accounting policy information rather than its significant accounting policies. This proposal is consistent with amendments to IAS 1 Presentation of Financial Statements issued in February 2021, which include related amendments to paragraph 21 of IFRS 7 Financial Instruments: Disclosures. 

Twelve of 13 Board members agreed with this decision. 

The Board tentatively decided to propose an entity disclose changes to its risk management strategy that result from its transition to alternative benchmark rates, consistent with paragraph 24J(c) of IFRS 7. 

Twelve of 13 Board members agreed with this decision. 

The Board tentatively decided to include in the Exposure Draft an appendix listing all disclosure requirements in IFRS Standards from which an entity applying the reduced-disclosure Standard is exempt. 

Ten of 13 Board members agreed with this decision. 

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Exposure Draft Feedback

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