1.1 Adoption Statement - IFRS 19 Subsidiaries without Public Accountability: Disclosures

1The UK Endorsement Board is designated under regulation 2(1) of The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 No. 609¹ (“the Delegating Regulations”) for the purpose of enabling it to exercise functions of the Secretary of State under Chapter 3 of Part 2 of The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 No. 685² (“the Regulations”).

2The UK Endorsement Board, in exercise of the powers conferred by regulation 6(1) of the Regulations, adopts the following international accounting standard published by the International Accounting Standards Board (IASB) for use within the United Kingdom:

• IFRS 19 Subsidiaries without Public Accountability: Disclosures (“the Standard”³).
• Consequential amendments to IFRS 19 in the Amendments to IFRS 9 and IFRS 7—Amendments to the Classification and Measurement of Financial Instruments.
• Consequential amendments to IFRS 19 in the Amendments to IFRS 9 and IFRS 7—Contracts Referencing Nature-dependent Electricity.
• Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (the Amendments).

3The Standard and the Amendments also include subsequent amendments to the following IFRS Accounting Standards:

• IFRS 1 First-time Adoption of International Financial Reporting Standards
• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
• IFRS 13 Fair Value Measurement
• IFRS 17 Insurance Contracts
• IFRS 18 Presentation and Disclosure in Financial Statements
• IAS 32 Financial Instruments: Presentation
• IAS 34 Interim Financial Reporting
• IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

4In accordance with regulation 7(1) of the Regulations, the UK Endorsement Board is of the view that:

1. the Standard⁴ is not contrary to either of the following principles—
   1. an undertaking’s accounts must give a true and fair view of the undertaking’s assets, liabilities, financial position and profit or loss;
   2. consolidated accounts must give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included in the accounts taken as a whole, so far as concerns members of the undertaking;
2. the use of the Standard is likely to be conducive to the long term public good in the United Kingdom; and
3. the Standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.

5In accordance with regulation 8 of the Regulations, the UK Endorsement Board is of the view that adequate consultation with persons representative of those with an interest in the quality and availability of accounts, including users and preparers of accounts, has been undertaken before the adoption decision.

6The adopted Standard referred to in paragraph 2:

1. may be used for financial years beginning on or after 1 January 2027;
2. may be used for financial years beginning before 1 January 2027. An entity must disclose if it applies the Standard for an earlier period. The initial application date shall be the beginning of a reporting period.

7The text of the Standard and the subsequent amendments to other IFRS Accounting Standards are set out in the annex to this statement.

Approval by the UK Endorsement Board

Adoption of IFRS 19 Subsidiaries without Public Accountability: Disclosures

IFRS 19 Subsidiaries without Public Accountability: Disclosures published by the IASB in May 2024, including the consequential amendments and the Amendments, i.e. the amended Standard was approved for adoption by twelve members of the UK Endorsement Board.

8 May 2026