International Accounting Standards Board (IASB) on January 23, 2020 has issued narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current.

The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. The IASB has set the effective date of amendments at January 2022 with earlier application permitted.

The amendments can be accessed on the following link: https://www.ifrs.org/news-and-events/2020/01/iasb- clarifies-requirements-for-classifying-debt-as-current- or-non-current/

Posted in IFRS