The International Accounting Standards Board (IASB) has announced that it has concluded its decision making on two projects and will begin drafting and balloting two new IFRS Accounting Standards. The IASB expect to issue the new standards in the first half of 2024.
The first of these standards will be the result of the Primary Financial Statements project and will supersede IAS 1 Presentation of Financial Statements. This standard will result in companies reporting more consistently and transparently on their financial performance, making it easier for investors to compare companies.
The second standard is the result of the Subsidiaries without Public Accountability: Disclosure project and will reduce the disclosure requirements for subsidiaries that are not traded on a public market, or who do not hold assets entrusted to them by their customers.
The IASB have decided that the effective date for the two new standards will be periods commencing on or after 1 January 2027, with early adoption permitted.