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IFRS 19, titled Subsidiaries without Public Accountability: Disclosures, is an International Financial Reporting Standard issued by the International Accounting Standards Board (IASB) in May 2024. It permits eligible subsidiaries to apply reduced disclosure requirements while remaining compliant with full IFRS recognition and measurement principles.^[1]

The objective of IFRS 19 is to reduce the costs of preparing financial statements for subsidiaries that do not have public accountability, while meeting the needs of users of those financial statements.^[2]

A subsidiary is eligible to apply IFRS 19 only if it meets all the following conditions at the end of its reporting period:^[3]

1. It is a subsidiary (as defined in IFRS 10).
2. It does not have public accountability (e.g., its debt or equity is not traded in a public market).
3. Its parent produces consolidated financial statements that are available for public use and comply with IFRS.

IFRS 19 does not change how a company calculates its numbers; it only changes what it tells the public in the notes.

Total Reporting Requirement = Recognition & Measurement (Full IFRS) + Reduced Disclosures (IFRS 19)

The standard effectively "filters" the thousands of disclosure requirements found in other IFRS standards.

IFRS 19 Disclosure Set = ∑ (Essential Disclosures for User Needs)

Where the summation (∑) represents only those items from individual IFRS standards (IFRS 1 to IFRS 18 and IAS 1 to IAS 41) that the IASB has deemed necessary for subsidiaries without public accountability.^[4]

A subsidiary applying IFRS 19 must still present a complete set of financial statements as required by IFRS 18 (or IAS 1 during the transition period), but the volume of the notes is significantly decreased.

Reduction Ratio Formula: > Disclosure Volume Reduction = ∑ (Standard IFRS Disclosure Requirements) − ∑ (IFRS 19 Disclosure Requirements)

On average, IFRS 19 reduces the number of disclosure requirements by approximately 50% to 60% compared to full IFRS, depending on the complexity of the entity.^[5]

As the IASB issues new or amended standards (e.g., future amendments to IFRS 17 or IFRS 18), it will simultaneously update IFRS 19 to ensure the disclosure requirements for subsidiaries remain consistent and simplified.^[6]