EFRAG issues draft comment letter on the IASB ED Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures
EFRAG has published its draft comment letter (DCL) on the IASB's Exposure Draft IASB/ED/2024/5 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (the 'ED'). Comments on EFRAG’s DCL can be submitted by 13 November 2024. You are asked to provide your input on the draft comment letter by clicking on the 'Submit your comment' link below.
EFRAG supports the IASB’s approach to
updating IFRS 19 Subsidiaries without Public Accountability: Disclosures,
including the decisions taken on whether and how to reduce the new and amended
disclosures proposed in the IFRS Accounting Standards issued between February
2021 and May 2024. The changes addressed in the exposure draft relate to the
aspects of: Presentation and disclosure in financial statements, Supplier
finance arrangements, International tax reform – Pillar Two model rules, Lack
of exchangeability, Financial instruments classification and measurement, and potential
reduction of disclosures for the prospective Regulatory Assets and
Regulatory Liabilities standard.
EFRAG notes that the timing for the finalisation of the amendments to IFRS 19 is important. EFRAG suggests that the publication of the amendments would be most helpful if completed before the implementation process of IFRS 19 starts, so that preparers wishing to apply IFRS 19 would welcome the opportunity to implement updated IFRS 19 disclosure requirements without having to make further changes to their reporting processes and systems. EFRAG also observes that the ED does not include an effective date and transition requirements for the proposed amendments to IFRS 19 requirements.
Feedback on EFRAG’s DCL is highly appreciated and should be sent by 13 November 2024 to allow EFRAG to comply with the IASB's deadline set for commenting on the ED.