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The International Accounting Standards Board has published the second webcast of a three-part series that provides insight into the forthcoming IFRS Accounting Standard for subsidiaries.
In this episode, William Biese, Member of the Mexican Financial Reporting Standard Setting Board, joined IASB Technical Staff member, Özlem Arslan, to discuss the possible effects of this new IFRS Accounting Standard.
Their discussion centred on how this Standard will simplify and reduce the cost of preparing subsidiaries’ financial statements while maintaining their usefulness to their users. The savings and simplifications will arise from:
- unifying accounting policies within groups, which will eliminate the need for dual accounting records; and
- reducing disclosures in eligible subsidiaries’ financial statements, resulting in reduced time, cost and effort involved in preparing and auditing those financial statements.
The new Accounting Standard is expected to be issued in the first half of 2024, effective for annual reporting periods beginning on or after 1 January 2027 and early application is permitted. It is the culmination of the IASB’s Subsidiaries without Public Accountability: Disclosures project.
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