FRS 119 is a new accounting standard designed to simplify the disclosure requirements for eligible subsidiaries that are not publicly accountable. The main purpose is to enable these subsidiaries to adhere to FRS with a reduced set of disclosures, easing the reporting burden while still ensuring that financial statements provide relevant and reliable information to stakeholders.

This newsletter explores the key aspects of FRS 119, including what it covers, who stands to benefit, its effective date, eligibility criteria, and how to assess public accountability. Stay informed on how this new standard may impact your financial reporting approach.