IASB 2024: Financial & Subsidiary Disclosures
The IASB's July meeting was an opportunity for the Board to observe that it had reached the end of the decision-making process on its Primary Financial Statements (PFS) project and on the prospective standard Subsidiaries without Public Accountability: Disclosures.
Keywords: Mazars, Thailand, IFRS, IASB, Financial Statements, Subsidiary Disclosures, Public Accountability
Readers will recall that the PFS project was intended to replace IAS 1 – Presentation of Financial Statements with a new standard.
The objective of the project Subsidiaries without Public Accountability: Disclosures was much more narrowly focused, authorising a subsidiary to prepare full IFRS financial statements locally with reduced disclosure requirements, provided that:
• the subsidiary is not subject to public disclosure requirements;
• its ultimate or any intermediate parent publishes consolidated financial statements that are available for public use and comply with IFRSs.
The IASB therefore decided to launch the finalisation phase for these two standards, with a view to publishing them in the first half of 2024 and applying them to financial years beginning on or after 1 January 2027.
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