ICAEW comment letter on proposed amendments to IAS 1

  • ICAEW (Institute of Chartered Accountants in England and Wales) (lt green) Image

16 Jun 2015

The Institute of Chartered Accountants in England and Wales (ICAEW) has published its comment letter on the International Accounting Standards Board's (IASB’s) Exposure Draft ED/2015/1 'Classification of Liabilities: proposed amendments to IAS 1'.

The proposed amendments aim at a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date.
 
The ICAEW are supportive of the IASB’s decision to clarify the criteria for classifying a liability as either current or non-current.  However the ICAEW expresses concern that the proposals, as drafted, are not clear and might cause continued uncertainty in this area or might create further confusion.

Further comments and a full response to all questions raised in the invitation to comment are contained within the full comment letter which is available on the ICAEW website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.