MFRS

Get ready for MFRS 19: Simplified financial reporting for eligible subsidiaries

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MFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ (the Standard) creates a reduced set of disclosures that certain in-scope entities can elect to apply instead of the disclosure requirements set out in other MFRS Accounting Standards.

The objective of the Standard is to alleviate the reporting burden for eligible subsidiaries without public accountability. It achieves this by working alongside other MFRS Accounting Standards, with eligible subsidiaries applying the recognition, measurement and presentation requirements in other MFRS Accounting Standards, except for the disclosure requirements. Instead, the entity applies the requirements in this Standard.

This first part of the publication highlights how MFRS 19 creates a more attractive option for subsidiaries without public accountability, and how eligible entities are now able to elect to apply MFRS 19, which allows for specific reduced disclosures in most topic areas. 

Simplified financial reporting for eligible subsidiaries

Simplified financial reporting for eligible subsidiaries

Read our publication to know more. Get ready for MFRS 19.

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How we can help

We hope you find the information in this article helpful in giving you some insight into aspects of MFRS 19. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact.