Sweep issues—updating the language of disclosure requirements (Agenda Paper 31)

The IASB tentatively decided to modify its approach to developing reduced disclosure requirements proposed in the exposure draft (ED) Subsidiaries without Public Accountability: Disclosures to align the language used in the disclosure requirements with other IFRS accounting standards at its October 2022 meeting. The staff outlined this approach and highlighted challenges encountered during the initial analysis in April 2023 meeting. The staff also discussed judgmental changes to the disclosure requirements proposed in the ED due to the modified approach, as well as instances where a departure from the language in other IFRS accounting standards was recommended in the October 2023 meeting. This paper further highlights additional judgemental changes identified during the final drafting of the new standard.

The paper outlined changes to the disclosure requirements proposed in the ED, which can be categorised into two groups. Firstly, there are proposed disclosure requirements that have no equivalent in other IFRS accounting standards, and these are recommended for deletion. Secondly, there are proposed disclosure requirements that need to be amended to align with the information required in other IFRS accounting standards, either by adding additional information or providing alternative information.

Staff recommendation

The staff recommended that the IASB updates the ED to amend the wording in paragraphs 96, 100(d), 100(e), 106(d), 106(f), 147(c) and 191 of the ED.

IASB decision

There was no significant discussion. All IASB members agreed with the staff recommendation, with a minor change to what the staff had recommended for paragraph 191 of the ED.