Reduced disclosure requirements for subsidiaries

30 August 2021
Financial Reporting
South African Accounting Academy

The proposed Standard would be available to subsidiaries without public accountability—companies that are not financial institutions or listed on a stock exchange—whose parent company prepares consolidated financial statements applying IFRS Standards.

These subsidiaries report to their parent company for consolidation purposes applying IFRS Standards. Electing to apply the proposed Standard would enable them to also use IFRS Standards when preparing their own financial statements but with reduced disclosures.

The proposals would save subsidiaries time and money.

The deadline for comments is 31 January 2022.

Click here to download:

82-page Exposure Draft: https://www.ifrs.org/content/dam/ifrs/project/subsidiaries-smes/ed2021-7-swpa-d.pdf
12-page Snapshot (overview) of the proposals: https://www.ifrs.org/content/dam/ifrs/project/subsidiaries-smes/snapshot-swpad-july-2021.pdf

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