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2 Material accounting policies (continued)
2.4 Standards in issue not yet effective (continued)

IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective January 1, 2027)
IFRS 19 Subsidiaries without Public Accountability: Disclosures, allows eligible entities to elect to apply reduced disclosure
requirements while still applying the recognition, measurement and presentation requirements in other IFRS Accounting
Standards. Unless otherwise specified, eligible entities that elect to apply IFRS 19 will not need to apply the disclosure
requirements in other IFRS Accounting Standards.

An entity applying IFRS 19 is required to disclose that fact as part of its general IFRS Accounting Standards compliance
statement. IFRS 19 requires an entity whose financial statements comply with IFRS Accounting Standards including IFRS
19 to make an explicit and unreserved statement of such compliance.

Eligible entities
An entity may elect to apply IFRS 19 if at the end of the reporting period:
• It is a subsidiary as defined in IFRS 10 Consolidated financial statements;
• It does not have public accountability; and
• It has a parent (either ultimate or intermediate) that prepares Consolidated financial statements, available for public
use, which comply with IFRS Accounting Standards.

Public accountability
An entity has public accountability if:
• Its debt or equity instruments are traded in a public market, or it is in the process of issuing such instruments for
trading in a public market; or
• It holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses (i.e., not for reasons
incidental to its primary business).

Disclosure requirements and references to other IFRS Accounting Standards
The disclosure requirements in IFRS 19 are organised into subheadings per IFRS Accounting Standards and where
disclosure requirements in other IFRS Accounting Standards remain applicable, these are specified under the subheading
of each IFRS Accounting Standard.

IFRS 19 disclosures exclude IFRS 8 Operating Segments, IFRS 17 Insurance Contracts and IAS 33 Earnings per share.
Therefore, if an entity that applies IFRS 19 is required to apply IFRS 17 or elects to apply IFRS 8 and/or IAS 33, that entity
would be required to apply all the relevant disclosure requirements in those standards.

Expected ‘catch-up’ amendments
In developing the disclosure requirements in IFRS 19, the Board considered the disclosure requirements in other IFRS
Accounting Standards as at February 28, 2021. Disclosure requirements in IFRS Accounting Standards that have been
added or amended subsequent to this date have been included in IFRS 19 unchanged. Consequently, the Board indicated
it will publish an exposure draft setting out whether and how to reduce the disclosure requirements of any amendments
and additions made to other IFRS Accounting Standards post February 28, 2021, for the purpose of updating IFRS 19.

2.5 Improvements to IFRS Accounting Standards
The annual improvements process of the International Accounting Standards Board deals with non-urgent but necessary
clarifications and amendments to IFRS Accounting Standards. The following amendments are applicable to annual
periods beginning on or after January 1, 2026.