{"id":2479,"date":"2025-11-12T13:40:21","date_gmt":"2025-11-12T05:40:21","guid":{"rendered":"https:\/\/ehluar.com\/main\/?p=2479"},"modified":"2025-11-13T13:43:39","modified_gmt":"2025-11-13T05:43:39","slug":"amendments-to-sfrsi-19-and-frs-119-issued-by-asc","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2025\/11\/12\/amendments-to-sfrsi-19-and-frs-119-issued-by-asc\/","title":{"rendered":"Amendments to SFRS(I) 19 and FRS 119 Issued by ASC"},"content":{"rendered":"\n

The Accounting Standards Committee (ASC) has released Amendments to SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures<\/em> and Amendments to FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures<\/em>.
These amendments are effective for annual reporting periods beginning on or after 1 January 2027.<\/p>\n\n\n\n

Overview of the Amendments<\/strong><\/h2>\n\n\n\n

The updated standards refine the disclosure framework for:<\/p>\n\n\n\n

    \n
  • Subsidiaries applying SFRS(I) 19 under the SFRS(I) reporting framework; and<\/li>\n\n\n\n
  • Subsidiaries and small entities applying FRS 119 under the FRS framework.<\/li>\n<\/ul>\n\n\n\n

    The amendments aim to:<\/p>\n\n\n\n

      \n
    • Further align reduced-disclosure standards with the latest global IFRS for SMEs and reduced-disclosure frameworks.<\/li>\n\n\n\n
    • Balance transparency with reporting efficiency for entities without public accountability.<\/li>\n\n\n\n
    • Streamline disclosure requirements while retaining decision-useful information for users of financial statements.<\/li>\n<\/ul>\n\n\n\n

      Key Impacts on Preparers<\/strong><\/h2>\n\n\n\n

      1. Enhanced Alignment With Full Standards<\/strong><\/h3>\n\n\n\n

      Although the disclosure burden remains significantly reduced, preparers should expect:<\/p>\n\n\n\n

        \n
      • Updated disclosure lists reflecting changes in underlying SFRS(I)\/FRS standards.<\/li>\n\n\n\n
      • Additional clarifications on measurement and presentation requirements where necessary.<\/li>\n<\/ul>\n\n\n\n

        2. Potential System and Process Adjustments<\/strong><\/h3>\n\n\n\n

        Entities may need to:<\/p>\n\n\n\n

          \n
        • Update internal reporting templates, disclosure checklists, note formats, and year-end workflows.<\/li>\n\n\n\n
        • Review consolidation processes for subsidiaries electing the reduced-disclosure option to ensure consistency with group-level reporting.<\/li>\n\n\n\n
        • Evaluate whether existing systems capture the minimum required disclosure data.<\/li>\n<\/ul>\n\n\n\n

          3. Impact on Group Reporting Policies<\/strong><\/h3>\n\n\n\n

          Groups with subsidiaries using SFRS(I) 19 or FRS 119 may need to reassess:<\/p>\n\n\n\n

            \n
          • Group policies on which entities adopt reduced disclosures.<\/li>\n\n\n\n
          • Interactions between reduced-disclosure financial statements and group audits.<\/li>\n\n\n\n
          • Whether disclosure changes affect covenant reporting or regulatory filings.<\/li>\n<\/ul>\n\n\n\n

            Practical Issues for Implementation<\/strong><\/h2>\n\n\n\n

            1. Transition Planning<\/strong><\/h3>\n\n\n\n

            Although effective from 2027, entities should:<\/p>\n\n\n\n

              \n
            • Start assessing impacts during FY2025\u20132026 to allow for systems updates, training, and audit planning.<\/li>\n\n\n\n
            • Conduct gap analyses against current disclosure practices.<\/li>\n<\/ul>\n\n\n\n

              2. Auditor Considerations<\/strong><\/h3>\n\n\n\n

              Audit teams may need:<\/p>\n\n\n\n

                \n
              • Updated audit programs for evaluating compliance with the amended standards.<\/li>\n\n\n\n
              • Enhanced documentation around judgments where disclosure exemptions are applied.<\/li>\n<\/ul>\n\n\n\n

                3. Stakeholder Communication<\/strong><\/h3>\n\n\n\n

                Entities using the reduced-disclosure route should inform:<\/p>\n\n\n\n

                  \n
                • Parent companies (for consolidation purposes)<\/li>\n\n\n\n
                • Lenders or counterparties relying on financial statements
                  particularly if disclosures change materially.<\/li>\n<\/ul>\n\n\n\n

                  Source: <\/strong>ACRA, 11 November 2025<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

                  The Accounting Standards Committee (ASC) has released Amendments to SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures and Amendments to FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures.These amendments are effective for annual reporting periods beginning on or after 1 January 2027. Overview of the Amendments The updated standards refine the disclosure framework for: […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,13,6],"tags":[],"class_list":["post-2479","post","type-post","status-publish","format-standard","hentry","category-accounting","category-auditing","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=2479"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2479\/revisions"}],"predecessor-version":[{"id":2480,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2479\/revisions\/2480"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=2479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=2479"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=2479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}