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In July 2021 the International Accounting Standards Board (IASB) published its Exposure Draft Subsidiaries without Public Accountability: Disclosures.

In April 2022 the IASB discussed the feedback on its Exposure Draft; and in June 2022 the IASB decided how it would redeliberate the proposals set out in its Exposure Draft to develop a new IFRS Accounting Standard.

In July 2023, following completion of redeliberations of the proposals in the Exposure Draft, the IASB confirmed it was satisfied that applicable due process requirements have been complied with and sufficient consultation and analysis were undertaken to begin the process for balloting the Standard. The IASB expects to publish the new Standard in the first half of 2024.

IASB® Update July 2023

The IASB met on 26 July 2023 to discuss the prospective IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures.

Effective date and transition (Agenda Paper 31A)

The IASB discussed the effective date of, and transition to, the Accounting Standard.

The IASB tentatively decided:

  1. to permit an eligible subsidiary to apply the Standard on 1 January 2027;
  2. to permit an eligible subsidiary to apply the Standard early and to require a subsidiary that elects to do so to disclose that fact; and
  3. to confirm the proposals (as set out in paragraphs 10–11 of the Exposure Draft Subsidiaries without Public Accountability: Disclosures) about the comparative information that an eligible subsidiary would be required to provide when either electing to apply the Standard for the first time or electing not to apply the Standard in the current period.

Twelve of 14 IASB members agreed with the decision in (a). All 14 IASB members agreed with the decisions in (b) and (c).

The IASB also:

  1. confirmed that disclosure requirements issued in other IFRS Accounting Standards since the Exposure Draft was developed remain applicable; and
  2. decided to specify the disclosures an eligible subsidiary is required to make if it applies the Standard early but does not apply the IFRS Accounting Standard General Presentation and Disclosures early.

All 14 IASB members agreed with these decisions.

Due process (Agenda Paper 31B)

All 14 IASB members confirmed they were satisfied the IASB has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the process for balloting the Standard.

No IASB member indicated an intent to dissent from issuing the Standard.

The IASB decided re-exposure of the proposals in the Exposure Draft as revised by its tentative decisions is not required.

All 14 IASB members agreed with this decision.

Next milestone

IFRS Accounting Standard