IASB concludes its decision-making on two projects: Primary Financial Statements and Subsidiaries wi
IASB concludes its decision-making on two projects: Primary Financial Statements and Subsidiaries wi
The IASB has concluded its decision-making on two projects: Primary Financial Statements and Subsidiaries without Public Accountability: Disclosures.
The new Accounting Standard resulting from the Primary Financial Statements project will supersede IAS 1 Presentation of Financial Statements. Its aim is to clarify and enhance information companies provide about their financial performance.
The new Accounting Standard resulting from the Subsidiaries without Public Accountability: Disclosures project will reduce disclosure requirements for subsidiaries that are not traded on a public market, or holds assets entrusted to them by their customers. This Standard will enable those subsidiaries to prepare full IFRS financial statements locally by using the information reported to their parent company but with reduced disclosures.
The IASB expects to issue the new Accounting Standards in the first half of 2024.
The IASB has decided that the effective date of both new Accounting Standards will be for annual reporting periods beginning on or after 1 January 2027 to give companies sufficient time to implement the new requirements. Earlier application will be permitted.
The press release by the IASB announcing the completion of its technical work on the above projects may be accessed here.
The new Accounting Standard resulting from the Primary Financial Statements project will supersede IAS 1 Presentation of Financial Statements. Its aim is to clarify and enhance information companies provide about their financial performance.
The new Accounting Standard resulting from the Subsidiaries without Public Accountability: Disclosures project will reduce disclosure requirements for subsidiaries that are not traded on a public market, or holds assets entrusted to them by their customers. This Standard will enable those subsidiaries to prepare full IFRS financial statements locally by using the information reported to their parent company but with reduced disclosures.
The IASB expects to issue the new Accounting Standards in the first half of 2024.
The IASB has decided that the effective date of both new Accounting Standards will be for annual reporting periods beginning on or after 1 January 2027 to give companies sufficient time to implement the new requirements. Earlier application will be permitted.
The press release by the IASB announcing the completion of its technical work on the above projects may be accessed here.