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IFRS® Accounting Standards

Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures

Summary

The Accounting Standards Board (AcSB) is monitoring the International Accounting Standards Board’s (IASB) project, Disclosure Initiative – without Public Accountability: Disclosures.

The project's purpose is to develop a reduced disclosure IFRS Accounting Standard that would apply on a voluntary basis to subsidiaries that are small and medium-sized enterprises (SMEs) and do not have public accountability.

This would reduce costs for subsidiaries that are SMEs, without removing information needed by the subsidiaries’ financial statement users.

See the IASB Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures project page for more information.

Staff Contact(s)

Danielle MacLeod, CPA, CA Associate Director, Accounting Standards Board

Phone number  +1 416 204 3951
Email address  [email protected]
Mark Squire, CPA, CA Principal, Accounting Standards Board

Phone number  +1 647 264 3810
Email address  [email protected]

Project Status

  • Information gathering

    Research project completed in 2019

  • Approving project

    The IASB moved the project from the research program to the standard-setting program in January 2020

  • Engaging Communities

    IASB Exposure Draft issued in July 2021

    AcSB Exposure Draft, which corresponds to the IASB Exposure Draft, issued in December 2021

    Interested and affected parties were encouraged to respond with their comments by January 31, 2022

    Exposure Draft
  • Deliberating feedback

    The AcSB submitted its response letter to the IASB in January 2022

    The IASB deliberated comments on their Exposure Draft

  • Final pronouncement

    The IASB issued IFRS 19 Subsidiaries without Public Accountability: Disclosures in May 2024

News

June 17, 2024

News

IASB issues new IFRS® Accounting Standard – IFRS 19 Subsidiaries without Public Accountability: Disclosures

The IASB’s newly issued IFRS Accounting Standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures, permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. IFRS 19 is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted.

The AcSB will ballot IFRS 19 and complete its endorsement process in Q2 2024. Find out more.

February 8, 2022

News

AcSB Response – Subsidiaries without Public Accountability: Disclosures

On January 31, 2022, the AcSB responded to the IASB’s Exposure Draft issued in July 2021. The AcSB’s letter focuses on the proposed scope of the draft Standard, with suggestions on widening the scope to benefit a broader group of stakeholders. Read our letter to find out more!

December 17, 2021

News, Document for Comment

AcSB Exposure Draft – Subsidiaries without Public Accountability: Disclosures

The AcSB issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders who would like their feedback considered prior to the AcSB finalizing its comment letter are encouraged to submit comments to the AcSB by January 17, 2022.

July 26, 2021

International Activity

IASB Exposure Draft – Subsidiaries without Public Accountability: Disclosures

What do you think about the IASB’s proposal for a reduced disclosure IFRS Standard that would apply on a voluntary basis to subsidiaries that are SMEs and do not have public accountability? The IASB issued an Exposure Draft relating to its Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures project. Have your say by January 31, 2022.

Meeting & event summaries

February 4, 2022

AcSB Decision Summary – January 19-20, 2022

The AcSB discussed the status of its response letter to the IASB’s Exposure Draft, “Subsidiaries without Public Accountability: Disclosures.” The Board also provided staff with comments to incorporate into the final letter. The Board encourages stakeholders to share their views on the Exposure Draft by submitting their response letters to the IASB by January 31, 2022, with a copy to the AcSB.

November 10, 2021

AcSB Decision Summary – November 10-11, 2021

The AcSB received an overview of the International Accounting Standard Board’s (IASB) Exposure Draft, “Subsidiaries without Public Accountability: Disclosures.”

The AcSB discussed whether to respond to the Exposure Draft and decided to issue a response letter on the scope of the proposals as the proposals could benefit a broader group of Canadian stakeholders based on feedback on the AcSB’s 2022-2027 Draft Strategic Plan. The Board encourages stakeholders to share their views on the Exposure Draft by submitting their response letters to the IASB by January 31, 2022, with a copy to the AcSB. If respondents would like the Board to consider their comments when drafting its letter to the IASB, they should submit their response letters to the AcSB before January 17, 2022.