ICAEW comment letter on proposed amendments to IAS 1
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.
