SEC publishes statement on application of IFRS 19 in filings with the SEC
SEC publishes statement on application of IFRS 19 in filings with the SEC
On 9 May 2024, the IASB issued IFRS 19 Subsidiaries without Public Accountability: Disclosures, which permits eligible subsidiaries to provide reduced disclosures while applying the recognition, measurement and presentation requirements in IFRS® Accounting Standards.
IFRS 19 also specifies that eligible subsidiaries that elect to apply the standard must provide additional material disclosures when it determines that information is necessary to enable financial statement users to understand the impact of transactions, events, and conditions on the subsidiary’s financial position and financial performance.
The US Securities and Exchange Commission (SEC) has published a statement on the application of IFRS 19 in filings with the SEC. The statement notes that there may be situations when financial statements that apply IFRS 19 are included in filings with the SEC. In these situations, the SEC believes that the requirements of IFRS 19 are likely to necessitate additional disclosures in financial statements filed with the SEC because such financial statements are intended for use by investors in the public capital markets for making investment and voting decisions.
The statement by the SEC may be accessed here.
IFRS 19 also specifies that eligible subsidiaries that elect to apply the standard must provide additional material disclosures when it determines that information is necessary to enable financial statement users to understand the impact of transactions, events, and conditions on the subsidiary’s financial position and financial performance.
The US Securities and Exchange Commission (SEC) has published a statement on the application of IFRS 19 in filings with the SEC. The statement notes that there may be situations when financial statements that apply IFRS 19 are included in filings with the SEC. In these situations, the SEC believes that the requirements of IFRS 19 are likely to necessitate additional disclosures in financial statements filed with the SEC because such financial statements are intended for use by investors in the public capital markets for making investment and voting decisions.
The statement by the SEC may be accessed here.