Arab Society of Certified Accountants (ACPA) | IASB Proposes Deferring IAS 1 Amendments’ Effective Date due to COVID-19

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IASB Proposes Deferring IAS 1 Amendments’ Effective Date due to COVID-19

07-Jul-2020

LONDON - The International Accounting Standards Board (IASB) has proposed 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.

The IAS 1 amendments were issued in January 2020, effective for annual reporting periods beginning on or after January 1, 2022. However, in response to the COVID-19 pandemic, the Board is proposing to provide companies with more time to implement any classification changes resulting from the amendments by deferring the effective date by one year to annual reporting periods beginning on or after January 1, 2023.

The Board is not proposing any changes to the original amendments other than the deferral of the effective date.

Source: Ifrs.org