EFRAG issues feedback statement on the IASB's exposure draft of amendments to IAS 1 regarding the classification of liabilities
30 Jul, 2015
The European Financial Reporting Advisory Group (EFRAG) has published its feedback statement summarising the main comments received from constituents invited to respond to its draft comment letter in relation to the International Accounting Standards Board’s (IASB’s) Exposure Draft ED/2015/1 ‘Classification of Liabilities (Proposed amendments to IAS 1)’.
On 10 February 2015, the IASB issued ED/2015/1 Classification of Liabilities (Proposed amendments to IAS 1). The main objectives of the proposal are to (1) clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period, (2) makie the link clear between the settlement of a liability and the outflow of resources from an entity, and (3) reorganise the guidance in IAS 1 with respect to classification of liabilities as current or non-current.
EFRAG published its draft comment letter in March 2015 and its final comment letter in June 2015.
The feedback statement summarises the main comments received by EFRAG in relation to the draft comment letter and explains how those comments were considered by EFRAG in reaching its final position on the IASB ED set out in their final comment letter to the IASB.
The press release and full feedback statement are available on the EFRAG website.
