31 July 2024To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON THE IASB EXPOSURE DRAFTAmendments to IFRS 19Subsidiaries without Public Accountability: DisclosuresComments to be received by 16 October 2024The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the International Accounting StandardsBoard (IASB) Exposure Draft Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures. The Exposure Draft is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredIFRS 19 simplifies financial reporting for eligible subsidiaries, enabling them to apply IFRSAccounting Standards with reduced disclosure requirements1. To expedite the issuance of IFRS19, the IASB decided that IFRS 19 would initially include full disclosure requirements from newIFRS Accounting Standards and amendments issued after the cut-off date of February 2021.As IFRS Accounting Standards are developed and amended, IFRS 19 will be amended alongsidethem. The IASB is consulting on whether and how to reduce disclosure requirements from newIFRS Accounting Standards and amendments issued between February 2021 and May 2024, sothat any amendments to the requirements are effective at the same time as IFRS 19.The proposals would reduce or simplify the disclosure requirements related to:
Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign ExchangeRates);
International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12 Income Taxes);
Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS7 Financial Instruments: Disclosures);
IFRS 18 Presentation and Disclosure in Financial Statements; and Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of FinancialStatements).The ED also includes indicative disclosure requirements from the prospective AccountingStandard Regulatory Assets and Regulatory Liabilities and asks for feedback on whether theserequirements would be practical for eligible subsidiaries.The FRSC invites your comments on the Exposure Draft by 16 October 2024 to allow yourcomments to be considered in developing its response to the IASB. Comments should besupported by specific reasoning and should be submitted in written form.1 Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and theirparent company applies IFRS Accounting Standards in preparing their consolidated financialstatements.Comments may be sent by mail, fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unless otherwiserequested by the respondent.
Invitation to Comment on the IASB Exposure Draft Amendments to IFRS 19Subsidiaries without Public Accountability: Disclosures
下载原件31 July 2024To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON THE IASB EXPOSURE DRAFTAmendments to IFRS 19Subsidiaries without Public Accountability: DisclosuresComments to be received by 16 October 2024The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the International Accounting StandardsBoard (IASB) Exposure Draft Amendments to IFRS 19 Subsidiaries without Public Accountability:
Disclosures. The Exposure Draft is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredIFRS 19 simplifies financial reporting for eligible subsidiaries, enabling them to apply IFRSAccounting Standards with reduced disclosure requirements1. To expedite the issuance of IFRS19, the IASB decided that IFRS 19 would initially include full disclosure requirements from newIFRS Accounting Standards and amendments issued after the cut-off date of February 2021.As IFRS Accounting Standards are developed and amended, IFRS 19 will be amended alongsidethem. The IASB is consulting on whether and how to reduce disclosure requirements from newIFRS Accounting Standards and amendments issued between February 2021 and May 2024, sothat any amendments to the requirements are effective at the same time as IFRS 19.The proposals would reduce or simplify the disclosure requirements related to:
Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign ExchangeRates);
International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12 Income Taxes);
Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS7 Financial Instruments: Disclosures);
IFRS 18 Presentation and Disclosure in Financial Statements; and Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of FinancialStatements).The ED also includes indicative disclosure requirements from the prospective AccountingStandard Regulatory Assets and Regulatory Liabilities and asks for feedback on whether theserequirements would be practical for eligible subsidiaries.The FRSC invites your comments on the Exposure Draft by 16 October 2024 to allow yourcomments to be considered in developing its response to the IASB. Comments should besupported by specific reasoning and should be submitted in written form.1 Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and theirparent company applies IFRS Accounting Standards in preparing their consolidated financialstatements.Comments may be sent by mail, fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unless otherwiserequested by the respondent.