UKEB adopts narrow-scope amendments to IAS 1
25 Jul, 2023
The UK Endorsement Board (UKEB) has adopted 'Classification of Liabilities as Current or Non-current (Amendments to IAS 1)', issued by the International Accounting Standards Board (IASB) in January 2020 and 'Non-current Liabilities with Covenants (Amendments to IAS 1)', issued by the IASB in October 2022.
Classification of Liabilities as Current or Non-current (Amendments to IAS 1) provides 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.
Non-current Liabilities with Covenants (Amendments to IAS 1) clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.
Both amendments are effective for accounting periods beginning on or after 1 January 2024 with earlier application permitted.
The Endorsement Criteria Assessment and Adoption Statement are available on the UKEB website.
The UKEB has also updated its adoption statement report which is available on its website here.
