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.
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:
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:
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.