IASB issues amendments to IFRS 19 to complete catch-up work

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The International Accounting Standards Board (IASB) issued amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures, completing its planned catch-up work on the Standard.

IFRS 19, issued in May 2024, allows eligible subsidiaries to apply IFRS Accounting Standards with reduced disclosures. It included reduced disclosure requirements for other Standards or amendments issued up to February 2021. The newly issued amendments to IFRS 19 help eligible subsidiaries by reducing disclosure requirements for Standards and amendments issued between February 2021 and May 2024, specifically:

IFRS 18 Presentation and Disclosure in Financial Statements;

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7);

International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12);

Lack of Exchangeability (Amendments to IAS 21); and

Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7).

With these amendments, IFRS 19 reflects the changes to IFRS Accounting Standards that take effect up to 1 January 2027, when IFRS 19 will be applicable.