IFRS 19, which was issued in May 2024, enables eligible subsidiaries to apply International Financial Reporting Standards with reduced disclosures. It included a number of reduced disclosure requirements for other standards or amendments issued up until February 2021. The newly issued amendments to IFRS 19 help eligible subsidiaries by reducing the disclosure requirements for standards and amendments issued between February 2021 and May 2024.
Those specifically include:
- 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 now completed, IFRS 19 reflects the changes to IFRS accounting standards that take effect up until Jan. 1, 2027, when IFRS 19 will become applicable.
In the future, the IASB said IFRS 19 will be amended at the same time as it issues or revises other IFRS accounting standards.
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