The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project, Updating IFRS 19 Subsidiaries without Public Accountability: Disclosures.
In developing the reduced disclosure requirements in the new IFRS Accounting Standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures, the IASB considered the disclosure requirements in other IFRS Accounting Standards as of February 28, 2021. When the new standard was issued, it did not contain reduced versions of any disclosure requirements that were added or amended after that date. Consequently, the IASB is consulting by publishing an exposure draft that sets out whether and how to reduce these additions and amendments to disclosure requirements in the new standard post – February 28, 2021.
Refer to the IASB’s Updating IFRS 19 Subsidiaries without Public Accountability: Disclosures project page for more information.
The AcSB’s due process ensures that the IASB considers Canadian entities’ financial reporting needs, and we issue our own exposure draft for every IASB proposal. Subject to the responses to our exposure draft, the AcSB expects to incorporate amendments into Canadian generally accepted accounting principles, aligning with our strategy of adopting IFRS Accounting Standards for publicly accountable enterprises.