Financial A&A news from around the web: May 13 – 17, 2024

IASB simplifies financial reporting for eligible subsidiary companies with new IFRS Accounting Standard 

The IASB has issued IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries’ financial statements while maintaining the usefulness of the information for users of their financial statements. 

Generative AI enables small accounting firms to challenge big ones: AICPA 

Accountants should respond to the rapid pace of generative AI adoption by embracing it and delving into experimentation, the AICPA said.