Indian Accounting Standards (Ind AS) are developed in convergence with International Financial Reporting Standard (IFRS) issued by the International Accounting Standard Board (IASB). The IASB periodically updates or introduces new standards. Earlier in 2024, the IASB issued IFRS 19, Subsidiaries without Public Accountability: Disclosures, which provides a reduced disclosure framework for subsidiaries. Thus, this standard allows the eligible subsidiaries to present the financial statements with reduced disclosures. A subsidiary company qualifies to apply IFRS 19 if:
(a) it does not have public accountability, and
(b) its ultimate or any intermediate parent prepares consolidated financial statements, available for public use, that comply with IFRS.
Considering the development of IFRS 19, the Accounting Standard Board (ASB) has issued an exposure draft of Ind AS 119, Subsidiaries without Public Accountability: Disclosures. The exposure draft has been issued for public comments, with the last date of comments as 5th March 2026.
The proposed effective date of the standard is for annual reporting periods beginning on or after 1st April 2027.
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