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