Project plan for the Catch-up Exposure Draft (Agenda Paper 32)

The paper set out the project plan for the preparation of the "Catch-up Exposure Draft" (Catch-up ED) following the issue of the forthcoming IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures (Subsidiaries Standard) in the first half of 2024.

Staff summary of the plan for technical discussions and the special case of Primary Financial Statements

Plan for technical discussions

There are four groups of disclosure requirements that will be considered for the purposes of the Catch-up ED based on their timing:

• Group 1: Requirements issued between 28 February 2021 and the publication of the Exposure Draft Subsidiaries without Public Accountability: Disclosures (Subsidiaries ED) in July 2021
• Group 2: Requirements issued between the publication of the Subsidiaries ED and the issue of the Subsidiaries Standard
• Group 3: Requirements proposed between the publication of the Subsidiaries ED and the issue of the Subsidiaries Standard, which are expected to be finalised and issued after the Subsidiaries Standard is issued
• Group 4: Requirements expected to be proposed after the Subsidiaries Standard is issued

The Catch-up ED will address disclosure requirements in Groups 1 and 2. Disclosure requirements in Group 3 will be included in exposure drafts for those new or amended Standards. New or amended Standards in Group 4 will be subject to the agreed maintenance approach.

The special case of IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 will be issued before the Subsidiaries Standard. The approach applied in preparing the Subsidiaries Standard is that:

• If the disclosure requirement was in IAS 1 and remains in either IFRS 18 or is relocated to IAS 8, the IASB's proposals in the Subsidiaries ED hold for the Subsidiaries Standard.
• New or amended disclosure requirements in IFRS 18 will apply to eligible subsidiaries.

The contents of the Catch-up ED for disclosure requirements in new or amended standards issued after 28 February 2021 will be discussed by the IASB in the first half of 2024. This will be the last part of the work on the Subsidiaries Standard as a self-contained project.

The staff asked IASB members whether they have any questions or comments about the project plan.

IASB discussion

One IASB member asked about the timeline regarding redeliberation, especially for the Group 3 requirements. The staff explained that the catch-up ED would include proposals from the reduced disclosures. These disclosure requirements will be consulted on at the same time as the proposed disclosure requirements in each exposure draft. IASB members agreed with the staff summary but there was otherwise no significant discussion. No decision was made.