The aim of the new draft standard, the IFRS standard subsidiaries without public accountability: disclosures, is to permit eligible subsidiaries to apply the disclosure requirements in the draft standard and the recognition, measurement, and presentation requirements in IFRS standards.

The draft standard sets out the proposed disclosure requirements for 32 related IFRS standards such as the disclosure requirements for inventories set out under the heading IAS 2 Inventories, IFRS 1 First-Time Adoption Of International Financial Reporting Standards through to IAS 41 Agriculture.