IFRS 19 is a new voluntary IFRS Accounting Standard that allows eligible subsidiaries without public accountability to use reduced disclosure requirements while still applying full IFRS recognition and measurement. The UK Endorsement Board (UKEB) is currently assessing it for adoption, with a draft endorsement criteria assessment published in November 2025 and a consultation closing on February 26, 2026. It is expected to be effective for annual periods beginning on or after 1 January 2027.
The purpose of the UK Endorsement Board ( UKEB ) is to endorse and adopt new or amended International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board ( IASB ).
Summary. IFRS 19 enables eligible subsidiaries to apply the same recognition and measurement requirements in IFRS accounting standards as their parent company. Importantly, it removes the requirement for disclosures that are not aimed at users of financial statements of companies without public accountability.
In order to apply IFRS 19, an entity must meet all of the following criteria at the end of its reporting period: • is a subsidiary • does not have public accountability, and • has a parent that produces consolidated financial statements available for public use that fully comply with IFRS Accounting Standards.
In a landmark development for accounts preparers and users, the UK Endorsement Board (UKEB) has formally adopted IFRS 18 Presentation and Disclosure in Financial Statements.
In April, the IASB introduced IFRS 18, focusing on the presentation and disclosure of financial statements. This was followed in May by the release of IFRS 19, which addresses disclosures for subsidiaries without public accountability. Both standards mark significant advancements in International Accounting practices.
IFRS Accounting Standards as adopted by the UK from 1 January 2021 were the extant IFRS Accounting Standards as adopted by the EU immediately beforehand, but may diverge over time; the timing of UK endorsement of standards may also be different from EU endorsement.
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IFRS 19 is a disclosure-only Standard. An eligible subsidiary that applies IFRS 19 applies the requirements in other IFRS Accounting Standards except for disclosure requirements and, instead, applies the reduced disclosure requirements in IFRS 19.
IFRS 19 was issued in May 2024, with an effective date of 01 January 2027. It is also part of the IFRS's Disclosure Initiative projects, and its particular purpose is to reduce the disclosure burden faced by entities that do not have public accountability.
Deloitte e-learning — IFRS 19. This Deloitte e-learning module provides training in the background, scope and principles under IFRS 19 'Subsidiaries without Public Accountability: Disclosures', and the application of this standard.
IAS 19 requires employers to disclose significant assumptions used to calculate benefit obligations and plan assets, as well as any changes in those assumptions. Employers must also disclose the fair value of plan assets and the methods used to determine the present value of benefit obligations.
As a general rule most companies around the world can choose whether they want to report under US GAAP or IFRS. US companies based overseas can use IFRS and overseas companies based in the US can still use IFRS rather than GAAP. Much of US GAAP and IFRS is very similar.
IFRS Eligibility Criteria: Complete Overview
Eligible candidates must be commerce graduates with at least two years of relevant work experience. Professionals who have worked in accounting roles for three years are also eligible to register.
While UK GAAP provides accounting standards for UK-based companies, IFRS (International Financial Reporting Standards) is an internationally recognised framework. Some companies may choose IFRS for global consistency, but UK GAAP remains the standard for many UK-based entities.
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Declaring (and rightfully so) that their main goal is to protect US investors' interests, the SEC notes that IFRS lacks consistent application, allows too much leeway with judgment, and is underdeveloped in many specific areas, for which the US GAAP has detailed and accepted guidance and established practice ( ...
UK Generally Accepted Accounting Practice (UK GAAP) is the body of accounting standards published by the UK's Financial Reporting Council (FRC).
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