The Accounting Standards Board (AcSB) is monitoring the International Accounting Standards Board’s (IASB) project, Disclosure Initiative – without Public Accountability: Disclosures.
The project's purpose is to develop a reduced disclosure IFRS Accounting Standard that would apply on a voluntary basis to subsidiaries that are small and medium-sized enterprises (SMEs) and do not have public accountability.
This would reduce costs for subsidiaries that are SMEs, without removing information needed by the subsidiaries’ financial statement users.
See the IASB Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures project page for more information.