On 15 July 2020, the International Accounting Standards Board (IASB) published 'Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)' deferring the effective date of the January 2020 amendments to IAS 1 by one year.
In 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 had an effective date of 1 January 2022. You can find more information about these amendments in our article from January 2020.
Due to pressures of COVID-19 that could delay the implementation of any changes in classification resulting from the application of these amendments, the Board defers the effective date of the amendments by one year to annual reporting periods beginning on or after 1 January 2023.
Earlier application of the January 2020 amendments continue to be permitted.