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Classification of liabilities — Effective date

 

Background

On 23 January 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 currently have an effective date of 1 January 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 1 January 2023.

This project is solely dedicated to proposing, redeliberating and potentially finalising an amendment to IAS 1 that would delay the effective date of the January 2020 amendments by one year.

 

Current status of the project

This project has been completed. The IASB issued Classification of Liabilities as Current or Non-current — Deferral of Effective Date on 15 July 2020.

 

Project milestones

Date Development Comments
17 April 2020 Issue first discussed by the IASB
4 May 2020 ED/2020/3 Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Proposed amendment to IAS 1) published comments requested by 3 June 2020
15 July 2020 Classification of Liabilities as Current or Non-current — Deferral of Effective Date issued delays the effective date of the January 2020 amendments by one year to annual reporting periods beginning on or after 1 January 2023

 

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.