Simplified Accounting Rules for Subsidiaries Updated Before Use

Simplified accounting rules for subsidiary companies globally have been updated two years before they take effect.

The International Accounting Standards Board Thursday issued the changes to IFRS 19 Subsidiaries without Public Accountability: Disclosures to factor in tweaks to other accounting standards since the subsidiaries rules were written. The changes reflect new accounting rules for areas such as supplier finance and tax.

IFRS 19 was published in May 2024 and takes effect January 1, 2027.

• The IASB accepted in a statement that IFRS 19 would need further updates to reflect new accounting standards. “In the future, IFRS 19 will be amended ...