IASB issued new standard IFRS 18
On 9 April 2024, the International Accounting Standards Board (IASB) published its new standard IFRS 18 Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Sta…
Three amendments to IAS 1 endorsed for use in the EU
On 19 December 2023, three amendments to IAS 1 Presentation of Financial Statements were endorsed by the European Commission for use in the European Union. The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2024).
The following amendments to IAS 1 have been endorsed:
- Classification of Liabilities as Current or Non-current (issued in January 2020)
The amendments provide a more general approach to the classification of liabilities under IAS 1 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 in our article IASB Issued Amendments to IAS 1 to Clarify the Classification of Liabilities.
- Classification of Liabilities as Current or Non-current – Deferral of Effective Date (issued in July 2020)
The IASB defers the effective date of the amendments to IAS 1 issued in January 2020 by one year to annual reporting periods beginning on or after 1 January 2023.
You can find more information in our article IASB deferred effective date of IAS 1 amendments.
- Non-current Liabilities with Covenants (issued in October 2022)
The amendments clarify how the conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.
At the same time, the IASB aligns the effective date of the 2020 amendments to 1 January 2024.
You can find more information in our article IASB issued amendments to IAS 1 regarding the classification of debt with covenants.
