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IASB defers effective date of IAS 1 amendments by one year

  • IFRS - IASB Image

Jul 15, 2020

On July 15, 2020, the International Accounting Standards Board (IASB) published 'Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)' deferring the effective date of the January 2020 amendments to IAS 1 by one year.

Background

On January 23, 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1, Presentation of Financial Statements, based on the contractual arrangements in place at the reporting date. The amendments had an effective date of January 1, 2022.

In April 2020, the IASB held a supplementary IASB meeting to consider COVID-19-related matters including the Board's timelines in view of the COVID-19 pandemic. The Board tentatively decided to delay by one year the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after January 1, 2023 and published a corresponding exposure draft in May 2020.

The finalized amendment published today defers the effective date of the January 2020 amendments by one year.

Changes

The changes in Classification of Liabilities as Current or Non-current — Deferral of Effective Date defer the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after January 1, 2023. Earlier application of the January 2020 amendments continues to be permitted.

For additional information, please refer to the IASB press release.  

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