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

The purpose of this paper was to highlight the more judgemental changes proposed to the disclosure requirements in the forthcoming IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures (Subsidiaries Standard).

Staff analysis

The staff completed a detailed comparison of the disclosure requirements proposed in the Subsidiaries Standard with the equivalent in full IFRS Accounting Standards.

Staff recommendation

The staff recommended amendments to the sections related to IFRS 2, IFRS 3, IFRS 7, IFRS 12, IFRS 15, IFRS 16, IAS 2, IAS 7, IAS 12, IAS 19, IAS 29, IAS 37, and IAS 41 to clarify the disclosure requirements and make them more consistent across the Standards. The proposed amendments include changes to the wording of the disclosure requirements, the inclusion of examples to illustrate the application of the requirements and the removal of unnecessary disclosures.

IASB discussion

IASB members agreed with the staff summary but there was otherwise no significant discussion.

IASB decision

All 13 IASB members present voted in favour of:

• Withdrawing the proposed requirements in paragraphs 33, 54(c), 56(b), 100(c), 101, 109, 158, 159 and 181(c) of the ED
• Amending the proposed requirements in paragraphs 32, 53, 69(d), 76, 77, 128(d), 133, 146(e), 147(e), 152(d), 152(f), 154, 196(a) and 210 of the ED to align their language with that used in the relevant disclosure requirements in the IFRS Accounting Standards in relation to which these proposals are reduced versions
• Amending paragraph 38 of the ED so that the proposed disclosure requirement in that paragraph is more consistent with the requirement proposed in paragraph 37
• Retaining the language in the proposed requirements in paragraphs 36(e), 36(g), 92, 94, 98, 106(a) and 107(a) of the ED