IASB defers the effective date of amendments to IAS 1

The IASB defers effective date of Classification of Liabilities as Current or Non-current, amending IAS 1.

In response to the COVID-19 pandemic, the International Accounting Standards Board (IASB) has issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1, Presentation of Financial Statements.

Classification of Liabilities as Current or Non-current was issued in January 2020 and was effective for annual reporting periods beginning on or after January 1, 2022. The deferral will provide companies with more time to implement any classification changes resulting from those amendments. The IASB did not make any changes to Classification of Liabilities as Current or Non-current other than the effective date.

Classification of Liabilities as Current or Non-current is now effective for annual reporting periods beginning on or after January 1, 2023.

Contact your CPA at Ricci & Company for more information. © 2020

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