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.
The IASB met on 23 May 2023 to continue redeliberating the proposals in the Exposure Draft Subsidiaries without Public Accountability: Disclosures.
Feedback on proposed disclosure requirements (Agenda Paper 31A)
The IASB tentatively decided to revise the proposed disclosure requirements in the Exposure Draft under the subheadings:
All 14 IASB members agreed with these decisions.
Paragraph 16 of the draft Standard (Agenda Paper 31B)
The IASB tentatively decided:
All 14 IASB members agreed with these decisions.
Disclosure requirements about transition in other IFRS Accounting Standards (Agenda Paper 31C)
The IASB tentatively decided to proceed with its proposal in the Exposure Draft that disclosure requirements about the transition to a new or amended IFRS Accounting Standard set out in that new or amended Standard apply to eligible subsidiaries.
All 14 IASB members agreed with this decision.
New disclosure requirements in IFRS Accounting Standards (Agenda Paper 31D)
The IASB tentatively decided that until the IASB issues an amendment to the prospective Standard, eligible subsidiaries would be required to comply with disclosure requirements in amendments to IFRS Accounting Standards that have been issued after the publication of the Exposure Draft.
All 14 IASB members agreed with this decision.
IFRS Accounting Standard
International Accounting Standards Board May 2023